Physician Wealth Advisors Inc. Purchases Shares of 7,343 Bank of America Co. (NYSE:BAC)

Physician Wealth Advisors Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,343 shares of the financial services provider’s stock, valued at approximately $239,000.

Several other large investors have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the period. Castleview Partners LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $34,000. Finally, ZRC Wealth Management LLC grew its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BAC shares. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Citigroup increased their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. BMO Capital Markets decreased their price target on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Finally, Oppenheimer decreased their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $36.15.

Get Our Latest Analysis on Bank of America

Bank of America Trading Down 0.6 %

NYSE:BAC traded down $0.22 during trading hours on Tuesday, hitting $37.30. 33,961,769 shares of the stock were exchanged, compared to its average volume of 40,920,441. The company’s 50 day moving average is $34.80 and its two-hundred day moving average is $31.51. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $294.32 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.75 and a beta of 1.39.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.85 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.1 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

About Bank of America

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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