Bank of America Co. (NYSE:BAC) Shares Purchased by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 47,530 shares of the financial services provider’s stock after purchasing an additional 521 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Bank of America were worth $2,089,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Collier Financial purchased a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter worth $29,000. Highline Wealth Partners LLC raised its position in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC boosted its holdings in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Finally, Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Price Performance

Shares of BAC opened at $43.09 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $327.57 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a 50 day moving average of $44.77 and a 200-day moving average of $43.83.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm 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 of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is currently 32.30%.

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.