Worth Venture Partners LLC Takes Position in Bank of America Corp (BAC)

Worth Venture Partners LLC bought a new stake in Bank of America Corp (NYSE:BAC) during the first quarter, HoldingsChannel.com reports. The firm bought 7,556 shares of the financial services provider’s stock, valued at approximately $227,000.

Other hedge funds have also modified their holdings of the company. Ballew Advisors Inc acquired a new stake in shares of Bank of America in the 1st quarter valued at $129,000. Well Done LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at $136,000. Avestar Capital LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at $135,000. Gradient Investments LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at $150,000. Finally, Taylor Hoffman Wealth Management acquired a new stake in shares of Bank of America during the 4th quarter valued at $151,000. 67.13% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of America opened at $29.90 on Wednesday, according to MarketBeat. The stock has a market cap of $307.93 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 1.48 and a beta of 1.34. Bank of America Corp has a 12 month low of $22.73 and a 12 month high of $33.05. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 EPS. equities research analysts forecast that Bank of America Corp will post 2.54 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, May 31st. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.

BAC has been the topic of several recent research reports. Vetr raised Bank of America from a “strong sell” rating to a “sell” rating and set a $31.16 price objective on the stock in a report on Monday, February 19th. Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Barclays raised their price objective on Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, April 17th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $35.00 price objective on shares of Bank of America in a report on Thursday, April 5th. Finally, Credit Suisse Group raised their price objective on Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, March 16th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Bank of America presently has an average rating of “Buy” and an average price target of $32.13.

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 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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