Auxano Advisors LLC Grows Position in Bank of America Co. (NYSE:BAC)

Auxano Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 234.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,356 shares of the financial services provider’s stock after buying an additional 19,179 shares during the quarter. Auxano Advisors LLC’s holdings in Bank of America were worth $921,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Fortis Group Advisors LLC purchased a new position in Bank of America during the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $32,000. ZRC Wealth Management LLC boosted its stake in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC boosted its stake in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded down $0.54 during mid-day trading on Tuesday, reaching $37.01. The stock had a trading volume of 30,048,562 shares, compared to its average volume of 41,117,512. The business’s fifty day moving average is $36.20 and its 200-day moving average is $32.88. 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 firm has a market cap of $292.03 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 firm 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 business earned $0.94 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. On average, research analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BAC shares. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. UBS Group reissued a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. Keefe, Bruyette & Woods increased their target price 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. Finally, Barclays increased their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. 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 stock. According to MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus price target of $38.59.

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.