Beacon Pointe Advisors LLC Purchases New Holdings in Bank of America Corp (BAC)

Beacon Pointe Advisors LLC purchased a new position in shares of Bank of America Corp (NYSE:BAC) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 28,669 shares of the financial services provider’s stock, valued at approximately $735,000.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Beacon Pointe Wealth Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at $923,000. Northern Capital Management LLC increased its stake in shares of Bank of America by 25.8% in the 4th quarter. Northern Capital Management LLC now owns 222,340 shares of the financial services provider’s stock valued at $5,478,000 after acquiring an additional 45,540 shares in the last quarter. Summit Financial Wealth Advisors LLC increased its stake in shares of Bank of America by 51.6% in the 4th quarter. Summit Financial Wealth Advisors LLC now owns 24,684 shares of the financial services provider’s stock valued at $608,000 after acquiring an additional 8,399 shares in the last quarter. Litman Gregory Asset Management LLC increased its stake in shares of Bank of America by 7.4% in the 4th quarter. Litman Gregory Asset Management LLC now owns 39,799 shares of the financial services provider’s stock valued at $981,000 after acquiring an additional 2,744 shares in the last quarter. Finally, Essex Savings Bank bought a new stake in shares of Bank of America in the 4th quarter valued at $318,000. Hedge funds and other institutional investors own 63.72% of the company’s stock.

Several research firms have recently weighed in on BAC. Macquarie lowered shares of Bank of America from an “outperform” rating to a “neutral” rating in a research note on Monday, January 7th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “buy” rating on shares of Bank of America in a research note on Tuesday, January 8th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price objective for the company in a research note on Tuesday, January 8th. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research note on Monday, January 21st. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $33.18.

Shares of BAC stock opened at $29.29 on Friday. The firm has a market cap of $301.27 billion, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 1.29 and a beta of 1.45. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $33.05.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. The business had revenue of $22.89 billion during the quarter, compared to analyst estimates of $22.37 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 EPS. Analysts forecast that Bank of America Corp will post 2.85 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a yield of 2.05%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

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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 through 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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