Bank of America Co. (NYSE:BAC) Shares Acquired by Wealthspire Advisors LLC

Wealthspire Advisors LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 7.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 117,545 shares of the financial services provider’s stock after purchasing an additional 7,838 shares during the period. Wealthspire Advisors LLC’s holdings in Bank of America were worth $3,958,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Barclays PLC lifted its stake in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its stake in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP acquired a new stake in Bank of America in the 3rd quarter valued at about $177,970,000. Canada Pension Plan Investment Board raised its position in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after purchasing an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at about $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC traded down $0.14 during mid-day trading on Wednesday, reaching $37.70. 32,799,608 shares of the stock were exchanged, compared to its average volume of 40,510,223. The company has a 50 day simple moving average of $36.61 and a 200-day simple moving average of $33.31. The stock has a market capitalization of $294.83 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.66 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the business posted $0.94 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Evercore ISI increased their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, BMO Capital Markets increased their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.70.

About Bank of America

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.