Bridgewealth Advisory Group LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Bridgewealth Advisory Group LLC raised its stake in Bank of America Co. (NYSE:BAC - Free Report) by 82.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,814 shares of the financial services provider's stock after acquiring an additional 17,055 shares during the quarter. Bridgewealth Advisory Group LLC's holdings in Bank of America were worth $1,752,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Collier Financial purchased a new position in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in shares of Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the fourth quarter valued at approximately $31,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 2.3 %

NYSE:BAC traded up $0.91 during mid-day trading on Friday, reaching $41.08. 41,601,768 shares of the company's stock traded hands, compared to its average volume of 39,256,999. The company has a 50 day moving average price of $40.07 and a 200-day moving average price of $43.52. The firm has a market capitalization of $312.32 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts predict that Bank of America Co. will post 3.7 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, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BAC shares. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. UBS Group lifted their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler cut their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $47.25.

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.