Bank of America Co. (NYSE:BAC) Shares Purchased by HF Advisory Group LLC

HF Advisory Group LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 33.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 12,436 shares of the financial services provider’s stock after acquiring an additional 3,100 shares during the quarter. HF Advisory Group LLC’s holdings in Bank of America were worth $419,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAC. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Price Performance

BAC stock opened at $35.77 on Friday. The firm has a 50 day moving average of $35.61 and a 200-day moving average of $32.24. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The company has a market cap of $282.25 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.59 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the firm posted $0.94 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.16 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.68%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.