Bank of America Co. (NYSE:BAC) Shares Bought by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 1.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 53,626 shares of the financial services provider’s stock after purchasing an additional 851 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Bank of America were worth $1,806,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth $25,000. Castleview Partners LLC acquired a new stake in shares of Bank of America during the 1st quarter worth about $28,000. Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the last quarter. ZRC Wealth Management LLC boosted its holdings in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the period. Finally, Live Oak Investment Partners purchased a new position in Bank of America during the 4th quarter valued at about $39,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC traded down $1.32 during trading on Tuesday, reaching $34.63. 59,317,673 shares of the stock were exchanged, compared to its average volume of 40,661,395. The business’s 50 day moving average price is $35.48 and its two-hundred day moving average price is $32.14. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $273.25 billion, a price-to-earnings ratio of 11.31, a P/E/G ratio of 1.63 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same period in the prior year, the business earned $0.85 earnings per share. The business’s revenue was down 10.2% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.77%. Bank of America’s dividend payout ratio is currently 31.27%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BAC shares. BMO Capital Markets decreased their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Barclays boosted their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus price target of $38.29.

About Bank of America

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.