Herold Advisors Inc. Purchases 661 Shares of Bank of America Co. (NYSE:BAC)

Herold Advisors Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.4% in the fourth quarter, HoldingsChannel reports. The fund owned 47,093 shares of the financial services provider’s stock after acquiring an additional 661 shares during the period. Herold Advisors Inc.’s holdings in Bank of America were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Schechter Investment Advisors LLC grew its stake in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in 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 worth $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC boosted its stake in 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 worth $2,273,000 after purchasing an additional 46,950 shares during the period. Sarasin & Partners LLP bought a new position in Bank of America in the 4th quarter worth approximately $673,000. Finally, Pinnacle Associates Ltd. boosted its stake in Bank of America by 30.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock worth $26,799,000 after purchasing an additional 225,767 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Jefferies Financial Group upped their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Oppenheimer dropped their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Finally, Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

NYSE:BAC opened at $37.83 on Friday. The stock’s fifty day moving average is $36.13 and its 200 day moving average is $32.72. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The firm has a market capitalization of $298.50 billion, a PE ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s payout ratio is presently 33.22%.

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.