Bank of America Co. (NYSE:BAC) Position Boosted by Precedent Wealth Partners LLC

Precedent Wealth Partners LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 17.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,162 shares of the financial services provider’s stock after buying an additional 5,898 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Bank of America were worth $1,676,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Amundi lifted its position in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $44.04 on Monday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The business has a 50-day moving average of $41.50 and a two-hundred day moving average of $43.36. The stock has a market capitalization of $331.67 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio is 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Cfra Research raised their price objective on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

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.