Sendero Wealth Management LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Sendero Wealth Management LLC grew its stake in Bank of America Co. (NYSE:BAC) by 142.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,832 shares of the financial services provider’s stock after acquiring an additional 87,325 shares during the quarter. Bank of America comprises approximately 1.0% of Sendero Wealth Management LLC’s portfolio, making the stock its 24th biggest holding. Sendero Wealth Management LLC’s holdings in Bank of America were worth $5,644,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Ethos Financial Group LLC raised its holdings in shares of Bank of America by 6.2% in the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC grew its stake in Bank of America by 234.5% during the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC grew its stake in Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. bought a new position in Bank of America during the 4th quarter worth approximately $105,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on BAC shares. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Up 1.3 %

Shares of BAC stock traded up $0.52 on Friday, reaching $39.77. 50,584,278 shares of the company’s stock traded hands, compared to its average volume of 38,957,273. The company has a market capitalization of $311.02 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.49 and a beta of 1.36. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s 50 day moving average price is $38.91 and its two-hundred day moving average price is $36.06.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s payout ratio is 33.22%.

Bank of America Profile

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.