9,599 Shares in Bank of America Co. (NYSE:BAC) Purchased by Eagle Wealth Strategies LLC

Eagle Wealth Strategies LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 9,599 shares of the financial services provider’s stock, valued at approximately $323,000.

Several other hedge funds have also recently modified their holdings of BAC. Schechter Investment Advisors LLC raised its holdings in Bank of America by 8.2% in 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 last quarter. Stonebridge Capital Advisors LLC raised its holdings 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 valued at $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC raised its holdings 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 valued at $2,273,000 after acquiring an additional 46,950 shares during the last quarter. Sarasin & Partners LLP acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $673,000. Finally, Pinnacle Associates Ltd. increased its holdings in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock worth $26,799,000 after buying an additional 225,767 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. UBS Group restated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

BAC stock opened at $37.83 on Monday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The company has a market cap of $298.50 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s 50-day moving average price is $36.13 and its 200 day moving average price is $32.80.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) 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.