Pittenger & Anderson Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Pittenger & Anderson Inc. increased its position in Bank of America Co. (NYSE:BAC) by 208.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,811 shares of the financial services provider’s stock after purchasing an additional 3,251 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Bank of America were worth $162,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Schechter Investment Advisors LLC increased its holdings in shares of Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC increased its position in Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares in the last quarter. Sarasin & Partners LLP purchased a new stake in Bank of America in the fourth quarter worth about $673,000. Finally, Pinnacle Associates Ltd. increased its position in Bank of America by 30.0% in the third quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock worth $26,799,000 after buying an additional 225,767 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.1 %

BAC traded down $0.41 during trading on Thursday, hitting $37.91. 40,961,281 shares of the stock were exchanged, compared to its average volume of 41,602,520. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The firm has a 50 day simple moving average of $35.98 and a 200 day simple moving average of $32.61. The firm has a market cap of $299.13 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.73 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly 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 business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.94 EPS. As a group, equities analysts expect that Bank of America Co. will post 3.18 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Ratings Changes

A number of analysts have commented on the company. BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Barclays upped their price objective 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. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America 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.