Wealth Enhancement Advisory Services LLC acquired a new position in Bank of America Co. (NYSE:BAC – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 32,007 shares of the financial services provider’s stock, valued at approximately $915,000.
Other hedge funds have also modified their holdings of the company. Altrius Capital Management Inc lifted its holdings in shares of Bank of America by 0.3% in the 4th quarter. Altrius Capital Management Inc now owns 92,587 shares of the financial services provider’s stock worth $3,066,000 after acquiring an additional 279 shares during the last quarter. Vision Capital Management Inc. raised its position in Bank of America by 0.5% in the fourth quarter. Vision Capital Management Inc. now owns 60,662 shares of the financial services provider’s stock valued at $2,009,000 after purchasing an additional 288 shares during the period. Hemington Wealth Management lifted its stake in Bank of America by 2.2% during the fourth quarter. Hemington Wealth Management now owns 14,010 shares of the financial services provider’s stock worth $464,000 after purchasing an additional 298 shares in the last quarter. First Citizens Financial Corp boosted its position in shares of Bank of America by 1.9% during the fourth quarter. First Citizens Financial Corp now owns 16,471 shares of the financial services provider’s stock worth $546,000 after buying an additional 300 shares during the period. Finally, Bay Rivers Group grew its stake in shares of Bank of America by 3.8% in the fourth quarter. Bay Rivers Group now owns 8,186 shares of the financial services provider’s stock valued at $271,000 after buying an additional 300 shares in the last quarter. 67.34% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts recently issued reports on BAC shares. Oppenheimer increased their target price on Bank of America from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 19th. UBS Group lifted their price objective on shares of Bank of America from $34.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Royal Bank of Canada increased their target price on shares of Bank of America from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, April 19th. Wells Fargo & Company cut their price objective on Bank of America from $45.00 to $40.00 in a research report on Thursday, July 6th. Finally, Citigroup decreased their target price on Bank of America from $38.00 to $33.00 and set a “neutral” rating for the company in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $36.72.
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Tuesday, April 18th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.11. Bank of America had a net margin of 21.85% and a return on equity of 11.72%. The business had revenue of $26.26 billion during the quarter, compared to analysts’ expectations of $25.28 billion. During the same quarter in the prior year, the business posted $0.80 EPS. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 3.4 EPS for the current fiscal year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 2nd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Thursday, June 1st. Bank of America’s payout ratio is currently 26.43%.
Bank of America Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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