Oak Harbor Wealth Partners LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Oak Harbor Wealth Partners LLC raised its position in Bank of America Co. (NYSE:BAC) by 13.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,141 shares of the financial services provider’s stock after purchasing an additional 1,470 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Bank of America were worth $409,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Rossmore Private Capital grew its position in Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares in the last quarter. Regent Peak Wealth Advisors LLC grew its holdings in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares in the last quarter. Kennedy Investment Group raised its position in Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares during the period. Private Ocean LLC lifted its stake in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. boosted its position in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock traded up $0.39 during mid-day trading on Friday, reaching $39.56. 6,986,301 shares of the stock traded hands, compared to its average volume of 39,129,227. The firm has a market capitalization of $309.37 billion, a PE ratio of 13.70, a P/E/G ratio of 1.76 and a beta of 1.37. The business has a 50-day moving average of $37.45 and a two-hundred day moving average of $34.26. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $39.84. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. As a group, equities analysts predict that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. JPMorgan Chase & Co. upped their target price on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Evercore ISI lifted their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Wells Fargo & Company increased 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $38.70.

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.