1858 Wealth Management LLC Purchases Shares of 4,692 Bank of America Co. (NYSE:BAC)

1858 Wealth Management LLC acquired a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, HoldingsChannel reports. The firm acquired 4,692 shares of the financial services provider’s stock, valued at approximately $206,000.

A number of other institutional investors also recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA lifted its stake in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Marino Stram & Associates LLC lifted its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the last quarter. Keudell Morrison Wealth Management boosted its holdings in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the period. Traveka Wealth LLC grew its position in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC increased its stake in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BAC. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Up 1.1 %

Shares of Bank of America stock opened at $46.73 on Wednesday. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The firm has a market cap of $358.57 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.26 and a beta of 1.33. The company has a 50-day moving average of $45.81 and a 200 day moving average of $42.79. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Bank of America Company Profile

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.