Bank of America Corporation $BAC Shares Purchased by Turtle Creek Wealth Advisors LLC

Turtle Creek Wealth Advisors LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 72.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 32,456 shares of the financial services provider’s stock after buying an additional 13,634 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Bank of America were worth $1,674,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Quaker Wealth Management LLC grew its stake in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares in the last quarter. Steph & Co. boosted its holdings in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter valued at approximately $28,000. Marquette Asset Management LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $30,000. Finally, Mountain Hill Investment Partners Corp. purchased a new position in Bank of America during the third quarter worth approximately $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $53.02 on Tuesday. The company has a market cap of $387.18 billion, a P/E ratio of 13.84 and a beta of 1.29. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm’s 50 day moving average price is $54.16 and its 200 day moving average price is $51.27.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. The business had revenue of $28.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 earnings per share. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Friday, December 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 29.24%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Oppenheimer upped their target price on Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Thursday, December 18th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, January 7th. Seaport Global Securities raised their price objective on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Robert W. Baird lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Finally, Phillip Securities increased their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.74.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.