Wealth Alliance Purchases 6,560 Shares of Bank of America Co. (NYSE:BAC)

Wealth Alliance lifted its position in shares of Bank of America Co. (NYSE:BAC) by 34.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,614 shares of the financial services provider’s stock after purchasing an additional 6,560 shares during the period. Wealth Alliance’s holdings in Bank of America were worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Kennebec Savings Bank bought a new stake in Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $42,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $45.31 on Friday. The stock’s 50 day moving average is $45.77 and its 200-day moving average is $43.27. Bank of America Co. has a twelve month low of $33.17 and a twelve month high of $48.08. The firm has a market capitalization of $347.62 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.26 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 EPS. Sell-side analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued 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 2.30%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.