HB Wealth Management LLC Raises Stake in Bank of America Co. (NYSE:BAC)

HB Wealth Management LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 5.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 170,647 shares of the financial services provider’s stock after purchasing an additional 8,999 shares during the quarter. HB Wealth Management LLC’s holdings in Bank of America were worth $5,312,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in shares of Bank of America by 3.7% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 42,501 shares of the financial services provider’s stock worth $1,891,000 after buying an additional 1,500 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in Bank of America in the fourth quarter worth $134,000. Unigestion Holding SA bought a new stake in Bank of America in the fourth quarter worth $2,520,000. Greytown Advisors Inc. increased its position in Bank of America by 0.5% in the fourth quarter. Greytown Advisors Inc. now owns 64,438 shares of the financial services provider’s stock worth $2,867,000 after purchasing an additional 300 shares during the last quarter. Finally, Odey Asset Management Group Ltd increased its position in Bank of America by 13.2% in the fourth quarter. Odey Asset Management Group Ltd now owns 85,500 shares of the financial services provider’s stock worth $3,804,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Bank of America Stock Down 3.7 %

BAC stock traded down $1.21 during trading on Friday, hitting $31.29. 982,442 shares of the company’s stock traded hands, compared to its average volume of 38,124,100. The firm has a market capitalization of $251.42 billion, a P/E ratio of 10.16, a PEG ratio of 1.48 and a beta of 1.37. The business has a fifty day simple moving average of $34.13 and a two-hundred day simple moving average of $35.84. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 1 year low of $29.67 and a 1 year high of $50.11.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.04). The business had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.2 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be issued a $0.22 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, September 1st. Bank of America’s payout ratio is currently 27.50%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective on the stock in a research report on Monday, July 11th. Wells Fargo & Company lowered their target price on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Royal Bank of Canada cut their price target on shares of Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Finally, Morgan Stanley decreased their price objective on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 12th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.58.

Bank of America Profile

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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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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