Diversify Wealth Management LLC Acquires 28,860 Shares of Bank of America Corporation (NYSE:BAC)

Diversify Wealth Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 37.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,239 shares of the financial services provider's stock after purchasing an additional 28,860 shares during the period. Diversify Wealth Management LLC's holdings in Bank of America were worth $4,248,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Avalon Trust Co boosted its holdings in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares during the last quarter. TAGStone Capital Inc. lifted its holdings in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after buying an additional 227 shares during the last quarter. Hayek Kallen Investment Management lifted its holdings in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after buying an additional 233 shares during the last quarter. Continuum Advisory LLC raised its position in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after purchasing an additional 237 shares during the period. Finally, Menard Financial Group LLC raised its position in shares of Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after purchasing an additional 240 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC traded down $0.26 during trading hours on Friday, hitting $46.71. 31,608,474 shares of the company were exchanged, compared to its average volume of 40,519,929. The company has a market capitalization of $351.81 billion, a PE ratio of 13.90, a PEG ratio of 1.28 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a fifty day simple moving average of $44.88 and a 200-day simple moving average of $43.54. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America's dividend payout ratio is 30.95%.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Morgan Stanley increased their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Finally, Cowen initiated coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.89.

About Bank of America

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.