Bank of America Co. (NYSE:BAC) Shares Acquired by Synergy Asset Management LLC

Synergy Asset Management LLC lifted its position in Bank of America Co. (NYSE:BAC) by 61.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,062 shares of the financial services provider’s stock after purchasing an additional 33,559 shares during the period. Synergy Asset Management LLC’s holdings in Bank of America were worth $3,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Rossmore Private Capital grew its position in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares during the period. Chemistry Wealth Management LLC increased its stake in shares of Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after acquiring an additional 310 shares during the last quarter. Regent Peak Wealth Advisors LLC lifted its holdings in shares of Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group boosted its position in shares of Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares during the last quarter. Finally, Private Ocean LLC grew its holdings in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. BMO Capital Markets upped their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.53 during trading on Tuesday, reaching $40.54. The company’s stock had a trading volume of 14,673,727 shares, compared to its average volume of 38,677,438. The business’s fifty day moving average price is $38.91 and its 200-day moving average price is $36.12. Bank of America Co. has a one year low of $24.96 and a one year high of $40.60. The firm has a market cap of $317.04 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company 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%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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.