Wealth Advisors Inc. Invests $1.01 Million in Bank of America Corp (NYSE:BAC)

Wealth Advisors Inc. bought a new position in shares of Bank of America Corp (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 29,460 shares of the financial services provider’s stock, valued at approximately $1,010,000. Bank of America comprises 0.6% of Wealth Advisors Inc.’s portfolio, making the stock its 26th biggest position.

Several other large investors also recently modified their holdings of BAC. Shepherd Financial Partners LLC boosted its position in shares of Bank of America by 23.8% during the third quarter. Shepherd Financial Partners LLC now owns 67,764 shares of the financial services provider’s stock worth $1,975,000 after acquiring an additional 13,019 shares during the last quarter. Private Wealth Advisors LLC boosted its position in shares of Bank of America by 5.5% during the third quarter. Private Wealth Advisors LLC now owns 12,987 shares of the financial services provider’s stock worth $379,000 after acquiring an additional 675 shares during the last quarter. Weaver Consulting Group boosted its position in shares of Bank of America by 66.3% during the third quarter. Weaver Consulting Group now owns 6,042 shares of the financial services provider’s stock worth $187,000 after acquiring an additional 2,408 shares during the last quarter. Lowe Brockenbrough & Co. Inc. boosted its position in shares of Bank of America by 5.9% during the third quarter. Lowe Brockenbrough & Co. Inc. now owns 21,928 shares of the financial services provider’s stock worth $640,000 after acquiring an additional 1,225 shares during the last quarter. Finally, Vestor Capital LLC boosted its position in shares of Bank of America by 2.9% during the third quarter. Vestor Capital LLC now owns 496,403 shares of the financial services provider’s stock worth $14,480,000 after acquiring an additional 13,879 shares during the last quarter. Hedge funds and other institutional investors own 71.53% of the company’s stock.

Several equities analysts have commented on the stock. Credit Suisse Group lowered their price objective on shares of Bank of America from $39.00 to $31.00 and set an “outperform” rating for the company in a research report on Monday. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective for the company in a research report on Tuesday, March 17th. Wolfe Research lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 25th. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research report on Tuesday, January 21st. Finally, Morgan Stanley lowered their price objective on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the stock. Bank of America presently has a consensus rating of “Hold” and a consensus price target of $32.56.

BAC stock traded down $0.41 during trading on Tuesday, hitting $21.63. The company had a trading volume of 43,645,297 shares, compared to its average volume of 132,558,976. The firm has a market capitalization of $189.81 billion, a P/E ratio of 7.89, a PEG ratio of 1.08 and a beta of 1.63. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72. The company has a 50 day simple moving average of $27.68 and a 200-day simple moving average of $31.28. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 1.00.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The company had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $22.30 billion. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 EPS. Sell-side analysts forecast that Bank of America Corp will post 2.87 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.33%. The ex-dividend date was Thursday, March 5th. Bank of America’s dividend payout ratio is presently 24.49%.

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

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