Live Oak Private Wealth LLC Raises Stock Position in Bank of America Corporation (NYSE:BAC)

Live Oak Private Wealth LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 0.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 377,203 shares of the financial services provider’s stock after purchasing an additional 3,549 shares during the period. Bank of America makes up approximately 2.6% of Live Oak Private Wealth LLC’s investment portfolio, making the stock its 4th biggest holding. Live Oak Private Wealth LLC’s holdings in Bank of America were worth $15,741,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Graney & King LLC bought a new position in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America during the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Royal Bank Of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They set a “buy” rating on the stock. UBS Group upped their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Stock Up 1.0%

Bank of America stock opened at $45.51 on Monday. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The business has a fifty day moving average price of $42.36 and a 200-day moving average price of $43.28. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $342.78 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30.

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 for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Bank of America Company 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.