Bank of America Co. (NYSE:BAC) Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 156,313 shares of the financial services provider’s stock after buying an additional 15,203 shares during the quarter. Ritholtz Wealth Management’s holdings in Bank of America were worth $5,263,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Roundview Capital LLC grew its position in Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares during the period. Loomis Sayles & Co. L P grew its position in shares of Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,192 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after purchasing an additional 16,319 shares during the last quarter. First Western Trust Bank acquired a new stake in shares of Bank of America in the first quarter valued at approximately $586,000. Finally, Pearl River Capital LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $534,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. Oppenheimer cut their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. Finally, BMO Capital Markets cut their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $36.15.

Bank of America Stock Performance

Shares of BAC stock opened at $37.92 on Friday. The company’s fifty day simple moving average is $34.47 and its 200-day simple moving average is $31.31. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.00. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market cap of $299.21 billion, a PE ratio of 12.35, a P/E/G ratio of 1.74 and a beta of 1.38.

Bank of America (NYSE:BAC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.85 EPS. As a group, equities research analysts anticipate that Bank of America Co. will post 3.11 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.53%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

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.