Kingswood Wealth Advisors LLC Buys 47,701 Shares of Bank of America Corporation (NYSE:BAC)

Kingswood Wealth Advisors LLC raised its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 56.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 132,472 shares of the financial services provider's stock after buying an additional 47,701 shares during the period. Kingswood Wealth Advisors LLC's holdings in Bank of America were worth $5,514,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BAC shares. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Evercore ISI dropped 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 research report on Tuesday, April 1st. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.69.

Bank of America Stock Up 1.8%

NYSE:BAC traded up $0.79 on Thursday, reaching $45.02. 37,676,876 shares of the stock traded hands, compared to its average volume of 39,791,457. The company has a market capitalization of $339.09 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.22 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The company's fifty day simple moving average is $42.17 and its 200 day simple moving average is $43.34.

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, beating analysts' consensus estimates 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 net margin of 14.56% and a return on equity of 10.25%. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America's dividend payout ratio is currently 30.95%.

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.