SVB Wealth LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

SVB Wealth LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,105 shares of the financial services provider’s stock after purchasing an additional 9,946 shares during the period. SVB Wealth LLC’s holdings in Bank of America were worth $5,054,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAC. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares in the last quarter. Castleview Partners LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America in the 1st quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC boosted its position in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Evercore ISI upped their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. HSBC reiterated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, UBS Group reissued a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. One 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

Shares of BAC opened at $34.68 on Wednesday. The firm has a market capitalization of $273.65 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. 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 1-year low of $24.96 and a 1-year high of $38.35. The company’s fifty day moving average price is $35.51 and its 200-day moving average price is $32.19.

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 issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

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