Glass Wealth Management Co LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Glass Wealth Management Co LLC raised its position in Bank of America Co. (NYSE:BAC) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 106,542 shares of the financial services provider’s stock after buying an additional 325 shares during the period. Bank of America accounts for 2.5% of Glass Wealth Management Co LLC’s investment portfolio, making the stock its 11th biggest holding. Glass Wealth Management Co LLC’s holdings in Bank of America were worth $4,683,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Swedbank AB increased its stake in shares of 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 purchasing an additional 50,849 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Bank of America by 120.2% during the 3rd quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 10,497 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $1,047,000. FSM Wealth Advisors LLC increased its stake in shares of Bank of America by 19.0% during the 3rd quarter. FSM Wealth Advisors LLC now owns 7,077 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 1,131 shares during the last quarter. Finally, Greenwood Capital Associates LLC increased its stake in shares of Bank of America by 4.8% during the 3rd quarter. Greenwood Capital Associates LLC now owns 123,267 shares of the financial services provider’s stock worth $4,891,000 after purchasing an additional 5,647 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $42.55 on Wednesday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $323.61 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a fifty day moving average of $45.77 and a 200-day moving average of $43.70.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of 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 report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.