Harwood Advisory Group LLC lifted its holdings in Bank of America (NYSE:BAC) by 19,286.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,392 shares of the financial services provider’s stock after purchasing an additional 81,967 shares during the quarter. Bank of America accounts for approximately 1.0% of Harwood Advisory Group LLC’s investment portfolio, making the stock its 29th biggest holding. Harwood Advisory Group LLC’s holdings in Bank of America were worth $2,432,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. Altavista Wealth Management Inc. raised its position in Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares in the last quarter. First City Capital Management Inc. raised its position in Bank of America by 0.7% during the second quarter. First City Capital Management Inc. now owns 66,982 shares of the financial services provider’s stock worth $1,625,000 after acquiring an additional 453 shares in the last quarter. Gofen & Glossberg LLC IL increased its holdings in shares of Bank of America by 1.6% in the second quarter. Gofen & Glossberg LLC IL now owns 33,823 shares of the financial services provider’s stock valued at $821,000 after purchasing an additional 521 shares during the last quarter. Miles Capital Inc. increased its holdings in shares of Bank of America by 5.8% in the second quarter. Miles Capital Inc. now owns 19,089 shares of the financial services provider’s stock valued at $463,000 after purchasing an additional 1,053 shares during the last quarter. Finally, Abbrea Capital LLC increased its holdings in shares of Bank of America by 2.6% in the fourth quarter. Abbrea Capital LLC now owns 61,950 shares of the financial services provider’s stock valued at $1,829,000 after purchasing an additional 1,566 shares during the last quarter. 69.85% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have commented on the stock. Vining Sparks assumed coverage on shares of Bank of America in a report on Monday. They issued a “buy” rating and a $35.00 price objective on the stock. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price objective on the stock. in a report on Tuesday. BMO Capital Markets upped their price objective on shares of Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $35.00 price objective on shares of Bank of America in a report on Thursday, April 5th. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $30.94.
BAC stock opened at $29.93 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05. The stock has a market capitalization of $305,261.97, a P/E ratio of 16.36, a price-to-earnings-growth ratio of 1.49 and a beta of 1.37.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. During the same period in the prior year, the company posted $0.41 earnings per share. Bank of America’s revenue was up 4.1% compared to the same quarter last year. analysts predict that Bank of America will post 2.5 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 2nd were paid a $0.12 dividend. The ex-dividend date was Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.60%. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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