Bank of America Co. (NYSE:BAC) Shares Acquired by Moss Adams Wealth Advisors LLC

Moss Adams Wealth Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 6.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,445 shares of the financial services provider’s stock after purchasing an additional 1,591 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Bank of America were worth $1,062,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Brighton Jones LLC lifted its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $5,751,000. Kingsview Wealth Management LLC lifted its position in shares of Bank of America by 1.5% during the 4th quarter. Kingsview Wealth Management LLC now owns 113,980 shares of the financial services provider’s stock valued at $5,009,000 after acquiring an additional 1,719 shares during the period. Empowered Funds LLC lifted its position in shares of Bank of America by 5.2% during the 4th quarter. Empowered Funds LLC now owns 262,694 shares of the financial services provider’s stock valued at $11,545,000 after acquiring an additional 12,961 shares during the period. Finally, Entropy Technologies LP lifted its position in shares of Bank of America by 53.8% during the 4th quarter. Entropy Technologies LP now owns 261,831 shares of the financial services provider’s stock valued at $11,507,000 after acquiring an additional 91,549 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup reduced their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Finally, JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Up 1.4%

Shares of BAC opened at $45.01 on Monday. The firm has a market cap of $339.01 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company’s fifty day moving average is $40.71 and its two-hundred day moving average is $43.46. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.