Core Wealth Partners LLC Purchases Shares of 5,728 Bank of America Co. (NYSE:BAC)

Core Wealth Partners LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,728 shares of the financial services provider’s stock, valued at approximately $217,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Bank of America during the fourth quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd boosted its position in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after acquiring an additional 5,488,790 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.03 during trading on Thursday, reaching $40.90. The company had a trading volume of 17,100,666 shares, compared to its average volume of 35,032,784. The company has a fifty day moving average of $39.06 and a two-hundred day moving average of $36.25. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $319.85 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $41.20.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Evercore ISI upped their price objective on shares of Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Oppenheimer boosted their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.02.

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.