Peddock Capital Advisors LLC Acquires 1,770 Shares of Bank of America Co. (NYSE:BAC)

Peddock Capital Advisors LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 80,163 shares of the financial services provider’s stock after acquiring an additional 1,770 shares during the period. Bank of America accounts for approximately 0.8% of Peddock Capital Advisors LLC’s holdings, making the stock its 29th biggest holding. Peddock Capital Advisors LLC’s holdings in Bank of America were worth $2,699,000 as of its most recent SEC filing.

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 worth about $25,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the last quarter. ZRC Wealth Management LLC raised its holdings in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the period. Finally, Private Ocean LLC lifted its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Keefe, Bruyette & Woods upped 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 research note on Friday, April 5th. Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Finally, Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus target price of $38.70.

Bank of America Stock Down 0.6 %

BAC traded down $0.21 during trading on Wednesday, hitting $37.63. The stock had a trading volume of 14,367,482 shares, compared to its average volume of 40,294,234. The stock has a 50 day simple moving average of $36.61 and a two-hundred day simple moving average of $33.31. The company has a market capitalization of $294.28 billion, a PE ratio of 13.00, a PEG ratio of 1.66 and a beta of 1.37. 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.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 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.