Bank of America Co. (NYSE:BAC) Shares Purchased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 91.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 143,153 shares of the financial services provider’s stock after acquiring an additional 68,419 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Bank of America were worth $4,820,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC boosted its position in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares during the last quarter. Kennedy Investment Group boosted its holdings in shares of Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the last quarter. Private Ocean LLC boosted its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. Selective Wealth Management Inc. boosted its holdings in shares of Bank of America by 2.0% in the 4th 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 during the last quarter. Finally, Legacy Capital Wealth Partners LLC boosted its holdings in shares of Bank of America by 4.0% in the 4th quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 338 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAC. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday. Jefferies Financial Group raised their target price 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. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $38.70.

Bank of America Stock Up 1.0 %

Shares of BAC traded up $0.37 during midday trading on Friday, hitting $37.25. The company had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The company’s 50 day moving average price is $36.46 and its 200 day moving average price is $33.08. The stock has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.65 and a beta of 1.37.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 3.2 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 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.