BKM Wealth Management LLC Acquires New Stake in Bank of America Co. (NYSE:BAC)

BKM Wealth Management LLC bought a new position in Bank of America Co. (NYSE:BACFree Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,030 shares of the financial services provider’s stock, valued at approximately $136,000.

Other hedge funds have also recently made changes to their positions in the company. Buckingham Strategic Partners lifted its position in shares of Bank of America by 23.7% during the second quarter. Buckingham Strategic Partners now owns 54,963 shares of the financial services provider’s stock worth $1,577,000 after acquiring an additional 10,535 shares in the last quarter. Goodman Advisory Group LLC lifted its holdings in Bank of America by 104,312.4% during the 2nd quarter. Goodman Advisory Group LLC now owns 194,207 shares of the financial services provider’s stock worth $5,572,000 after purchasing an additional 194,021 shares in the last quarter. Schechter Investment Advisors LLC boosted its stake in 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 during the period. Eastern Bank grew its holdings in Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after buying an additional 93,375 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC lifted its holdings in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares in the last quarter. 68.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Barclays boosted their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, BMO Capital Markets dropped their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $35.65.

Check Out Our Latest Analysis on Bank of America

Insiders Place Their Bets

In other news, major shareholder Of America Corp /De/ Bank purchased 5,398 shares of the business’s stock in a transaction on Wednesday, December 27th. The shares were acquired at an average price of $10.56 per share, with a total value of $57,002.88. Following the acquisition, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.27% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $37.05 on Friday. The stock has a market cap of $292.35 billion, a PE ratio of 12.07, a PEG ratio of 1.72 and a beta of 1.38. The company’s fifty day moving average is $34.17 and its 200 day moving average is $31.10. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.61. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Free Report) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.85 EPS. Research analysts anticipate that Bank of America Co. will post 3.12 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s payout ratio is presently 31.27%.

About Bank of America

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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