Marks Group Wealth Management Inc Has $293,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Marks Group Wealth Management Inc increased its stake in shares of Bank of America Co. (NYSE:BAC) by 6.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,691 shares of the financial services provider’s stock after purchasing an additional 530 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Bank of America were worth $293,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BAC. Impact Partnership Wealth LLC increased its position in Bank of America by 879.9% during the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 2,015 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in Bank of America by 2.6% during the 3rd quarter. GHP Investment Advisors Inc. now owns 127,343 shares of the financial services provider’s stock worth $3,408,000 after acquiring an additional 3,170 shares during the last quarter. Carolina Wealth Advisors LLC grew its holdings in Bank of America by 3,372.9% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 2,431 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 2,361 shares during the last quarter. Meridian Wealth Management LLC grew its holdings in Bank of America by 79.5% during the 3rd quarter. Meridian Wealth Management LLC now owns 74,154 shares of the financial services provider’s stock worth $2,030,000 after acquiring an additional 32,847 shares during the last quarter. Finally, CreativeOne Wealth LLC grew its holdings in Bank of America by 67.4% during the 3rd quarter. CreativeOne Wealth LLC now owns 64,962 shares of the financial services provider’s stock worth $1,779,000 after acquiring an additional 26,160 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, HSBC reiterated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Price Performance

Shares of NYSE:BAC opened at $38.10 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $300.63 billion, a PE ratio of 13.28, a P/E/G ratio of 1.70 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.42. The company has a 50-day moving average price of $35.88 and a two-hundred day moving average price of $32.57.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the business earned $0.94 earnings per share. Bank of America’s revenue was down 1.7% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is 33.22%.

Bank of America Company 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.