Bank of America Co. (NYSE:BAC) Shares Bought by Marks Group Wealth Management Inc

Marks Group Wealth Management Inc boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,691 shares of the financial services provider’s stock after buying an additional 530 shares during the period. Marks Group Wealth Management Inc’s holdings in Bank of America were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Impact Partnership Wealth LLC increased its holdings in shares of Bank of America by 879.9% in the third quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 2,015 shares during the period. GHP Investment Advisors Inc. increased its holdings in shares of Bank of America by 2.6% in the third quarter. GHP Investment Advisors Inc. now owns 127,343 shares of the financial services provider’s stock valued at $3,408,000 after purchasing an additional 3,170 shares during the last quarter. Carolina Wealth Advisors LLC increased its holdings in shares of Bank of America by 3,372.9% in the third quarter. Carolina Wealth Advisors LLC now owns 2,431 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 2,361 shares during the last quarter. Meridian Wealth Management LLC increased its holdings in shares of Bank of America by 79.5% in the third quarter. Meridian Wealth Management LLC now owns 74,154 shares of the financial services provider’s stock valued at $2,030,000 after purchasing an additional 32,847 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its holdings in shares of Bank of America by 67.4% in the third quarter. CreativeOne Wealth LLC now owns 64,962 shares of the financial services provider’s stock valued at $1,779,000 after purchasing an additional 26,160 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Barclays raised their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. UBS Group reissued a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Trading Down 0.7 %

NYSE:BAC opened at $38.10 on Wednesday. The firm has a market cap of $300.63 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39. The stock has a fifty day moving average price of $35.88 and a 200 day moving average price of $32.57. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.42. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.