Assetmark Inc. Has $23.77 Million Stake in Bank of America Co. (NYSE:BAC)

Assetmark Inc. raised its position in shares of Bank of America Co. (NYSE:BACFree Report) by 12.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 705,899 shares of the financial services provider’s stock after purchasing an additional 75,367 shares during the quarter. Assetmark Inc.’s holdings in Bank of America were worth $23,768,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at $25,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at $32,000. Glass Jacobson Investment Advisors llc lifted 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 last quarter. ZRC Wealth Management LLC boosted its holdings in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Private Ocean LLC increased its position in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock remained flat at $39.65 during trading on Wednesday. 6,094,404 shares of the company traded hands, compared to its average volume of 39,073,203. The company has a 50 day simple moving average of $37.31 and a 200-day simple moving average of $34.19. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $39.81. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $310.08 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.72 and a beta of 1.37.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 earnings per share. Equities analysts expect that Bank of America Co. will post 3.23 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. Bank of America’s payout ratio is presently 33.22%.

Analyst Ratings Changes

Several analysts have recently issued reports on BAC shares. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Monday. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.70.

Get Our Latest Stock Report on Bank of America

Bank of America Company 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. It operates in 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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