Kingsview Wealth Management LLC Grows Stock Holdings in Bank of America Corporation (NYSE:BAC)

Kingsview Wealth Management LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,060 shares of the financial services provider’s stock after acquiring an additional 2,080 shares during the period. Kingsview Wealth Management LLC’s holdings in Bank of America were worth $4,843,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Bank of America by 65.3% in the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider’s stock valued at $890,000 after acquiring an additional 7,999 shares in the last quarter. Brooklyn FI LLC bought a new stake in Bank of America during the fourth quarter worth approximately $1,081,000. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Bank of America by 140.2% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 27,593 shares of the financial services provider’s stock valued at $1,218,000 after acquiring an additional 16,106 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 2.2%

Bank of America stock opened at $47.04 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The stock has a market cap of $354.33 billion, a P/E ratio of 13.76, a PEG ratio of 1.26 and a beta of 1.30. The firm’s 50 day moving average price is $45.42 and its 200-day moving average price is $43.62.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Citigroup increased their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Finally, Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $49.55.

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.