Spearhead Capital Advisors LLC boosted its holdings in Bank of America Corp (NYSE:BAC) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,100 shares of the financial services provider’s stock after acquiring an additional 4,663 shares during the quarter. Bank of America accounts for about 1.3% of Spearhead Capital Advisors LLC’s investment portfolio, making the stock its 26th biggest position. Spearhead Capital Advisors LLC’s holdings in Bank of America were worth $5,287,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Garrett Wealth Advisory Group LLC bought a new stake in Bank of America during the third quarter worth about $25,000. TFO TDC LLC bought a new stake in Bank of America during the fourth quarter worth about $26,000. Sage Financial Group Inc. bought a new stake in Bank of America during the fourth quarter worth about $38,000. Corbenic Partners LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $39,000. Finally, Selective Wealth Management Inc. bought a new stake in shares of Bank of America during the third quarter valued at approximately $43,000. 69.15% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently commented on the stock. Credit Suisse Group increased their price target on shares of Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. BMO Capital Markets cut shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price target on the stock. in a research note on Thursday, January 2nd. Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, Argus reissued a “buy” rating and set a $39.00 price target (up from $35.00) on shares of Bank of America in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. Bank of America presently has an average rating of “Hold” and a consensus target price of $35.29.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The business had revenue of $22.30 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period in the prior year, the business posted $0.70 earnings per share. Bank of America’s revenue was down 1.8% compared to the same quarter last year. On average, analysts predict that Bank of America Corp will post 3.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 annualized dividend and a yield of 2.07%. Bank of America’s dividend payout ratio is currently 24.49%.
About Bank of America
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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