Wealthquest Corp Buys New Shares in Bank of America Corp (NYSE:BAC)

Wealthquest Corp bought a new stake in shares of Bank of America Corp (NYSE:BAC) during the 4th quarter, HoldingsChannel.com reports. The fund bought 5,741 shares of the financial services provider’s stock, valued at approximately $202,000.

Several other hedge funds have also added to or reduced their stakes in BAC. Shepherd Financial Partners LLC grew its holdings in shares of Bank of America by 23.8% in the third quarter. Shepherd Financial Partners LLC now owns 67,764 shares of the financial services provider’s stock worth $1,975,000 after purchasing an additional 13,019 shares during the last quarter. Private Wealth Advisors LLC grew its holdings in Bank of America by 5.5% during the 3rd quarter. Private Wealth Advisors LLC now owns 12,987 shares of the financial services provider’s stock worth $379,000 after acquiring an additional 675 shares in the last quarter. Weaver Consulting Group grew its holdings in Bank of America by 66.3% during the 3rd quarter. Weaver Consulting Group now owns 6,042 shares of the financial services provider’s stock worth $187,000 after acquiring an additional 2,408 shares in the last quarter. Lowe Brockenbrough & Co. Inc. grew its holdings in Bank of America by 5.9% during the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 21,928 shares of the financial services provider’s stock worth $640,000 after acquiring an additional 1,225 shares in the last quarter. Finally, Vestor Capital LLC grew its holdings in Bank of America by 2.9% during the 3rd quarter. Vestor Capital LLC now owns 496,403 shares of the financial services provider’s stock worth $14,480,000 after acquiring an additional 13,879 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors.

Several research analysts have issued reports on BAC shares. Credit Suisse Group increased their target price on shares of Bank of America from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Thursday, January 16th. Barclays upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 target price on the stock in a report on Monday, January 6th. Morgan Stanley dropped their target price on shares of Bank of America from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, March 2nd. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, March 11th. Finally, Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price target on the stock. in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the stock. Bank of America has an average rating of “Hold” and a consensus price target of $34.16.

Shares of NYSE:BAC traded up $0.07 during trading on Wednesday, reaching $21.10. The stock had a trading volume of 146,747,718 shares, compared to its average volume of 130,626,416. Bank of America Corp has a one year low of $17.95 and a one year high of $35.72. The company has a market capitalization of $185.36 billion, a P/E ratio of 7.70, a PEG ratio of 0.88 and a beta of 1.63. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 1.00. The firm’s 50-day simple moving average is $28.69 and its 200 day simple moving average is $31.41.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business earned $0.70 EPS. Equities research analysts forecast that Bank of America Corp will post 2.92 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Thursday, March 5th. Bank of America’s payout ratio is currently 24.49%.

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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