Bank of America Co. (NYSE:BAC) Shares Purchased by Concord Wealth Partners

Concord Wealth Partners grew its holdings in Bank of America Co. (NYSE:BAC) by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,145 shares of the financial services provider’s stock after acquiring an additional 1,821 shares during the period. Concord Wealth Partners’ holdings in Bank of America were worth $1,325,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Concord Asset Management LLC VA increased its holdings in shares of Bank of America by 9.2% during the 4th quarter. Concord Asset Management LLC VA now owns 17,326 shares of the financial services provider’s stock valued at $761,000 after purchasing an additional 1,458 shares in the last quarter. Waldron Private Wealth LLC raised its stake in shares of Bank of America by 96.6% during the 4th quarter. Waldron Private Wealth LLC now owns 111,122 shares of the financial services provider’s stock worth $4,884,000 after buying an additional 54,587 shares during the period. Heck Capital Advisors LLC purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $429,000. Caprock Group LLC increased its holdings in Bank of America by 5.7% in the 4th quarter. Caprock Group LLC now owns 199,692 shares of the financial services provider’s stock worth $8,776,000 after acquiring an additional 10,828 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC grew its position in shares of Bank of America by 9.4% in the fourth quarter. Turtle Creek Wealth Advisors LLC now owns 14,110 shares of the financial services provider’s stock valued at $620,000 after purchasing an additional 1,216 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $46.25 on Friday. The firm has a market capitalization of $354.84 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business’s fifty day moving average price is $45.83 and its 200 day moving average price is $42.79. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s dividend payout ratio is presently 32.30%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.