Accredited Wealth Management LLC acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 23,058 shares of the financial services provider's stock, valued at approximately $1,013,000. Bank of America makes up about 0.9% of Accredited Wealth Management LLC's investment portfolio, making the stock its 26th biggest holding.
Other institutional investors also recently bought and sold shares of the company. Collier Financial purchased a new position in Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc lifted its stake in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC bought a new stake in Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the fourth quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the fourth quarter valued at about $31,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Stock Performance
NYSE BAC traded up $0.03 on Monday, reaching $41.10. 32,819,712 shares of the company's stock traded hands, compared to its average volume of 39,252,015. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $312.47 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.21 and a beta of 1.27. The stock has a 50 day moving average price of $40.01 and a 200-day moving average price of $43.53.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.53%. Bank of America's dividend payout ratio is presently 30.95%.
Analyst Ratings Changes
A number of analysts have recently weighed in on BAC shares. JPMorgan Chase & Co. lowered their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Royal Bank of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.25.
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Bank of America Profile
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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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