Laird Norton Wetherby Trust Company LLC increased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 75.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,832 shares of the financial services provider's stock after purchasing an additional 7,692 shares during the period. Laird Norton Wetherby Trust Company LLC's holdings in Bank of America were worth $784,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc increased its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Trading Up 1.2%
Shares of BAC stock traded up $0.54 on Wednesday, hitting $44.82. 42,401,977 shares of the stock traded hands, compared to its average volume of 39,507,511. The firm's 50-day moving average price is $39.77 and its two-hundred day moving average price is $43.51. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. 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 stock has a market capitalization of $337.58 billion, a PE ratio of 13.92, a PEG ratio of 1.21 and a beta of 1.27.
Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently declared 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 2.32%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on BAC shares. Oppenheimer lifted their target price on shares of Bank of America from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $47.25.
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About Bank of America
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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.
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