First Trust Direct Indexing L.P. Increases Stock Position in Bank of America Co. (NYSE:BAC)

First Trust Direct Indexing L.P. boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 17.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,930 shares of the financial services provider’s stock after buying an additional 20,907 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Bank of America were worth $4,711,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Regent Peak Wealth Advisors LLC boosted its stake in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group lifted its position in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares in the last quarter. Private Ocean LLC lifted its position in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. Selective Wealth Management Inc. lifted its position in shares of Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC lifted its position in shares of Bank of America by 4.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

NYSE:BAC traded down $0.06 on Wednesday, reaching $36.95. The stock had a trading volume of 32,182,780 shares, compared to its average volume of 41,025,328. The company has a market cap of $291.56 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 1.68 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s fifty day moving average is $36.26 and its two-hundred day moving average is $32.95. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.19 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, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Citigroup increased their price target 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. Morgan Stanley upgraded shares of 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 note on Tuesday, January 30th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.70.

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.