Beta Wealth Group Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Beta Wealth Group Inc. raised its position in Bank of America Co. (NYSE:BAC) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,111 shares of the financial services provider’s stock after purchasing an additional 996 shares during the quarter. Beta Wealth Group Inc.’s holdings in Bank of America were worth $488,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Swedbank AB raised its stake in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares in the last quarter. Net Worth Advisory Group purchased a new position in Bank of America during the third quarter worth about $232,000. Chicago Capital LLC lifted its holdings in shares of Bank of America by 1.8% in the 3rd quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after buying an additional 250 shares during the period. Resonant Capital Advisors LLC grew its stake in shares of Bank of America by 2.8% during the 3rd quarter. Resonant Capital Advisors LLC now owns 17,438 shares of the financial services provider’s stock worth $692,000 after purchasing an additional 478 shares during the period. Finally, Cyndeo Wealth Partners LLC grew its holdings in shares of Bank of America by 20.8% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 29,100 shares of the financial services provider’s stock worth $1,155,000 after acquiring an additional 5,007 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

Bank of America stock opened at $46.98 on Tuesday. The company’s 50-day moving average is $45.75 and its 200-day moving average is $43.12. The firm has a market capitalization of $360.47 billion, a PE ratio of 14.59, a P/E/G ratio of 1.29 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. Bank of America Co. has a fifty-two week low of $32.49 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is presently 32.30%.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.