Gilliland Jeter Wealth Management LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Gilliland Jeter Wealth Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel.com reports. The firm acquired 69,452 shares of the financial services provider’s stock, valued at approximately $2,338,000. Bank of America accounts for approximately 1.0% of Gilliland Jeter Wealth Management LLC’s portfolio, making the stock its 29th largest holding.

Several other institutional investors have also modified their holdings of the company. Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares in the last quarter. Kennedy Investment Group raised its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares in the last quarter. Private Ocean LLC lifted its stake in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the last quarter. Selective Wealth Management Inc. boosted its holdings in Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares in the last quarter. Finally, Morton Capital Management LLC CA increased its stake in Bank of America by 3.3% in the fourth quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 341 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC traded down $0.08 during trading on Friday, hitting $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The firm has a market capitalization of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company’s 50-day moving average price is $36.13 and its 200 day moving average price is $32.76.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. 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. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. HSBC reissued a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $38.53.

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.