Bank of America Co. (NYSE:BAC) Shares Bought by Fortis Group Advisors LLC

Fortis Group Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 100.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,828 shares of the financial services provider’s stock after buying an additional 914 shares during the period. Fortis Group Advisors LLC’s holdings in Bank of America were worth $62,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BAC. Financial Engines Advisors L.L.C. purchased a new position in shares of Bank of America in the third quarter worth about $222,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Bank of America in the 3rd quarter valued at about $10,983,000. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Bank of America by 5.4% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,645,919 shares of the financial services provider’s stock worth $45,065,000 after purchasing an additional 84,543 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in shares of Bank of America by 11.5% during the 3rd quarter. Clearstead Advisors LLC now owns 64,659 shares of the financial services provider’s stock worth $1,770,000 after purchasing an additional 6,644 shares during the last quarter. Finally, Balentine LLC grew its position in shares of Bank of America by 5.3% in the third quarter. Balentine LLC now owns 13,567 shares of the financial services provider’s stock valued at $371,000 after purchasing an additional 687 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

BAC traded down $0.02 during mid-day trading on Friday, hitting $39.24. 32,347,866 shares of the stock were exchanged, compared to its average volume of 33,762,496. The company has a market cap of $306.87 billion, a PE ratio of 13.58, a PEG ratio of 1.74 and a beta of 1.36. 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’s fifty day moving average is $38.23 and its two-hundred day moving average is $35.51. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.19.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $37.00 to $46.00 in a research report on Friday. HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, BMO Capital Markets increased their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.79.

Check Out Our Latest Stock Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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