11,876 Shares in Bank of America Co. (NYSE:BAC) Bought by Altus Wealth Group LLC

Altus Wealth Group LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 11,876 shares of the financial services provider’s stock, valued at approximately $400,000.

Several other institutional investors and hedge funds also recently modified their holdings of BAC. Schechter Investment Advisors LLC boosted its stake in Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares in the last quarter. Eastern Bank boosted its position in shares of Bank of America by 354.5% in the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after purchasing an additional 93,375 shares during the period. Stonebridge Capital Advisors LLC boosted its position in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC boosted its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Bank of America in the 2nd quarter valued at $6,317,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded down $0.56 during trading on Friday, reaching $35.79. The company had a trading volume of 47,126,090 shares, compared to its average volume of 36,715,584. The firm’s 50 day simple moving average is $35.42 and its two-hundred day simple moving average is $32.01. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35. The company has a market capitalization of $282.41 billion, a PE ratio of 11.66, a PEG ratio of 1.66 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same period last year, the business earned $0.85 EPS. Sell-side analysts forecast that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.68%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BAC shares. Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Jefferies Financial Group raised their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Finally, Wells Fargo & Company raised their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $38.29.

Bank of America Company 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.