Destination Wealth Management Raises Holdings in Bank of America Corp (BAC)
Destination Wealth Management grew its position in Bank of America Corp (NYSE:BAC) by 47.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,482 shares of the financial services provider’s stock after purchasing an additional 3,356 shares during the period. Destination Wealth Management’s holdings in Bank of America were worth $309,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Folger Nolan Fleming Douglas Capital Management Inc. boosted its stake in shares of Bank of America by 9.6% during the 3rd quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 38,428 shares of the financial services provider’s stock worth $1,132,000 after acquiring an additional 3,380 shares in the last quarter. Ceredex Value Advisors LLC boosted its stake in shares of Bank of America by 0.5% during the 3rd quarter. Ceredex Value Advisors LLC now owns 2,981,783 shares of the financial services provider’s stock worth $87,843,000 after acquiring an additional 13,993 shares in the last quarter. Prio Wealth Limited Partnership boosted its stake in shares of Bank of America by 0.9% during the 3rd quarter. Prio Wealth Limited Partnership now owns 1,707,455 shares of the financial services provider’s stock worth $50,301,000 after acquiring an additional 15,022 shares in the last quarter. Keel Point LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $214,000. Finally, Strategic Wealth Advisors Group LLC boosted its stake in Bank of America by 521.9% during the 3rd quarter. Strategic Wealth Advisors Group LLC now owns 206,627 shares of the financial services provider’s stock valued at $6,087,000 after purchasing an additional 173,403 shares during the period. 63.75% of the stock is currently owned by institutional investors.
Shares of NYSE:BAC opened at $27.75 on Monday. Bank of America Corp has a twelve month low of $25.88 and a twelve month high of $33.05. The company has a market cap of $284.26 billion, a P/E ratio of 11.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.31. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.16%. Bank of America’s dividend payout ratio is currently 32.79%.
Several analysts recently weighed in on the company. BMO Capital Markets increased their target price on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Finally, Wolfe Research assumed coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $34.63.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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