Precedent Wealth Partners LLC Has $1.68 Million Holdings in Bank of America Co. (NYSE:BAC)

Precedent Wealth Partners LLC increased its position in Bank of America Co. (NYSE:BAC - Free Report) by 17.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,162 shares of the financial services provider's stock after purchasing an additional 5,898 shares during the quarter. Precedent Wealth Partners LLC's holdings in Bank of America were worth $1,676,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BAC. Graney & King LLC acquired a new position in Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America during the fourth quarter worth about $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Royal Bank of Canada reduced their price objective on shares of 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. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Finally, Citigroup cut their target price on 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.31 on Monday, reaching $44.40. The stock had a trading volume of 34,089,373 shares, compared to its average volume of 39,758,435. 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 business's 50-day moving average price is $41.50 and its two-hundred day moving average price is $43.36. The stock has a market cap of $334.39 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week 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 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given 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 2.34%. Bank of America's dividend payout ratio is presently 30.95%.

Bank of America Company 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.