Waldron Private Wealth LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

Waldron Private Wealth LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 96.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 111,122 shares of the financial services provider’s stock after acquiring an additional 54,587 shares during the period. Waldron Private Wealth LLC’s holdings in Bank of America were worth $4,884,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the 3rd quarter worth $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the third quarter worth $45,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 1.0 %

Shares of BAC stock opened at $46.25 on Friday. The stock has a 50 day simple moving average of $45.85 and a 200-day simple moving average of $42.76. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a market cap of $354.84 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.27 and a beta of 1.33. 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 announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 earnings per share. On average, equities research analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAC shares. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.