Evergreen Wealth Management LLC Buys 1,338 Shares of Bank of America Co. (NYSE:BAC)

Evergreen Wealth Management LLC grew its stake in Bank of America Co. (NYSE:BAC) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,421 shares of the financial services provider’s stock after acquiring an additional 1,338 shares during the period. Bank of America accounts for about 1.3% of Evergreen Wealth Management LLC’s investment portfolio, making the stock its 29th biggest position. Evergreen Wealth Management LLC’s holdings in Bank of America were worth $1,832,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of BAC. Barclays PLC boosted its position in shares of Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd increased 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 purchasing an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP acquired a new stake in Bank of America during the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board lifted its stake in Bank of America by 143.5% in the third 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 buying an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America during the 3rd quarter worth about $168,610,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock traded up $0.37 during mid-day trading on Friday, hitting $37.25. The company had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s fifty day moving average price is $36.46 and its two-hundred day moving average price is $33.16. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The firm has a market cap of $291.31 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. On average, analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Jefferies Financial Group upped their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently 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.