Lineweaver Wealth Advisors LLC Has $2.10 Million Stake in Bank of America Corporation (NYSE:BAC)

Lineweaver Wealth Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 14.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,207 shares of the financial services provider's stock after acquiring an additional 6,392 shares during the period. Lineweaver Wealth Advisors LLC's holdings in Bank of America were worth $2,095,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Graney & King LLC bought a new stake in Bank of America during the 4th quarter worth approximately $25,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new stake in Bank of America during the 4th quarter worth approximately $34,000. Finally, Glass Jacobson Investment Advisors llc grew its position in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on BAC shares. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $49.55.

Bank of America Trading Up 2.2%

Bank of America stock traded up $1.01 during mid-day trading on Thursday, hitting $47.04. 56,242,062 shares of the company's stock were exchanged, compared to its average volume of 40,615,971. The firm has a market capitalization of $354.33 billion, a P/E ratio of 14.00, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The company's 50 day simple moving average is $45.32 and its 200-day simple moving average is $43.60.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is presently 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.