Bank of America Co. (NYSE:BAC) Stock Position Raised by Naviter Wealth LLC

Naviter Wealth LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 6.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 65,712 shares of the financial services provider’s stock after purchasing an additional 3,846 shares during the period. Naviter Wealth LLC’s holdings in Bank of America were worth $2,213,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of BAC. Choreo LLC increased its stake in Bank of America by 49.2% in the 4th quarter. Choreo LLC now owns 138,507 shares of the financial services provider’s stock valued at $4,664,000 after buying an additional 45,703 shares during the period. Mitchell Mcleod Pugh & Williams Inc. lifted its holdings in Bank of America by 0.7% in the 4th quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 52,480 shares of the financial services provider’s stock worth $1,767,000 after purchasing an additional 368 shares during the last quarter. Mather Group LLC. boosted its position in Bank of America by 15.8% during the fourth quarter. Mather Group LLC. now owns 34,085 shares of the financial services provider’s stock worth $1,148,000 after purchasing an additional 4,661 shares during the period. Gilbert & Cook Inc. grew its holdings in Bank of America by 4.0% during the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after purchasing an additional 662 shares during the last quarter. Finally, Eagle Wealth Strategies LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $323,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC traded down $0.09 during trading on Monday, hitting $37.74. The stock had a trading volume of 12,984,171 shares, compared to its average volume of 41,078,910. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The firm has a market cap of $297.79 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.69 and a beta of 1.39. The company has a 50 day moving average price of $36.13 and a 200-day moving average price of $32.80. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BAC shares. Oppenheimer decreased their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $38.53.

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.