CBIZ Investment Advisory Services LLC Purchases 6,461 Shares of Bank of America Co. (NYSE:BAC)

CBIZ Investment Advisory Services LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 530.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 7,680 shares of the financial services provider’s stock after purchasing an additional 6,461 shares during the period. CBIZ Investment Advisory Services LLC’s holdings in Bank of America were worth $338,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Lederer & Associates Investment Counsel CA lifted its stake in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after purchasing an additional 217 shares during the last quarter. Prossimo Advisors LLC lifted its position in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC boosted its stake in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Keudell Morrison Wealth Management increased its holdings in shares of 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 last quarter. Finally, Traveka Wealth LLC lifted its holdings in Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 3.3 %

NYSE BAC opened at $40.97 on Friday. The stock’s 50 day moving average is $45.19 and its two-hundred day moving average is $43.74. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The company has a market capitalization of $311.45 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.70 EPS. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BAC. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.64.

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.