Bank of America Corporation (NYSE:BAC) Shares Bought by LifeWealth Investments LLC

LifeWealth Investments LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 93.9% during the first quarter, HoldingsChannel.com reports. The firm owned 9,348 shares of the financial services provider’s stock after purchasing an additional 4,526 shares during the period. LifeWealth Investments LLC’s holdings in Bank of America were worth $390,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC boosted its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Van ECK Associates Corp raised its holdings in Bank of America by 243.1% during the fourth quarter. Van ECK Associates Corp now owns 65,991 shares of the financial services provider’s stock worth $2,900,000 after purchasing an additional 46,760 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Bank of America by 38.1% in the fourth quarter. Venturi Wealth Management LLC now owns 26,643 shares of the financial services provider’s stock valued at $1,171,000 after purchasing an additional 7,353 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $212,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on BAC shares. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Evercore ISI lowered their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Royal Bank Of Canada cut their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Stock Down 0.4%

Shares of NYSE:BAC opened at $44.22 on Wednesday. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The stock’s 50-day moving average price is $41.83 and its two-hundred day moving average price is $43.34. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market cap of $333.08 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.20 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. Bank of America’s dividend payout ratio is presently 30.95%.

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.