Waters Parkerson & CO. LLC Purchases 13,468 Shares of Bank of America Co. (NYSE:BAC)

Waters Parkerson & CO. LLC raised its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,209,002 shares of the financial services provider’s stock after purchasing an additional 13,468 shares during the quarter. Bank of America makes up about 2.0% of Waters Parkerson & CO. LLC’s portfolio, making the stock its 17th biggest holding. Waters Parkerson & CO. LLC’s holdings in Bank of America were worth $33,102,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. Castleview Partners LLC acquired a new stake in shares of Bank of America in the first quarter valued at about $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America during the first quarter worth about $34,000. Live Oak Investment Partners bought a new position in Bank of America during the fourth quarter worth about $39,000. Finally, Northwest Capital Management Inc bought a new position in shares of Bank of America in the second quarter valued at approximately $52,000. 68.06% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.7 %

Shares of BAC traded up $0.22 during trading hours on Monday, hitting $33.29. The stock had a trading volume of 2,414,130 shares, compared to its average volume of 41,642,895. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $263.45 billion, a P/E ratio of 10.77, a P/E/G ratio of 1.51 and a beta of 1.39. The company’s fifty day simple moving average is $32.95 and its 200 day simple moving average is $30.10. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $35.99.

Bank of America (NYSE:BACGet Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion during 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 company’s revenue was down 10.2% on a year-over-year basis. During the same period last year, the firm earned $0.85 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.14 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.88%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Oppenheimer raised their target price on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. BMO Capital Markets lowered their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. The Goldman Sachs Group raised their target price on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and raised their target price for the company from $29.00 to $30.00 in a research report on Monday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $35.53.

Get Our Latest Analysis on BAC

Insider Buying and Selling

In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 17,769 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $9.94, for a total transaction of $176,623.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by corporate insiders.

Bank of America Profile

(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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Further Reading

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

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