Silverlake Wealth Management LLC Has $1.52 Million Stake in Bank of America Corporation $BAC

Silverlake Wealth Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 79.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,113 shares of the financial services provider’s stock after acquiring an additional 14,263 shares during the period. Silverlake Wealth Management LLC’s holdings in Bank of America were worth $1,520,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the business. Brighton Jones LLC grew its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Tocqueville Asset Management L.P. lifted its holdings in shares of Bank of America by 0.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 477,121 shares of the financial services provider’s stock worth $19,910,000 after purchasing an additional 3,303 shares in the last quarter. Forvis Mazars Wealth Advisors LLC grew its position in Bank of America by 4.3% in the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 149,644 shares of the financial services provider’s stock valued at $6,245,000 after purchasing an additional 6,128 shares during the period. Twin Focus Capital Partners LLC increased its stake in Bank of America by 3.8% during the 1st quarter. Twin Focus Capital Partners LLC now owns 10,934 shares of the financial services provider’s stock valued at $456,000 after purchasing an additional 400 shares in the last quarter. Finally, Tyler Stone Wealth Management raised its holdings in Bank of America by 20.3% during the first quarter. Tyler Stone Wealth Management now owns 66,597 shares of the financial services provider’s stock worth $2,779,000 after buying an additional 11,254 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Evercore ISI raised their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Citigroup upped their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Trading Up 1.1%

NYSE BAC opened at $55.14 on Friday. The stock has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. The business’s fifty day moving average is $52.39 and its 200-day moving average is $49.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $55.30.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the company earned $0.81 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s dividend payout ratio is 30.52%.

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.