Regent Peak Wealth Advisors LLC Increases Stake in Bank of America Co. (NYSE:BAC)

Regent Peak Wealth Advisors LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,976 shares of the financial services provider’s stock after buying an additional 314 shares during the quarter. Regent Peak Wealth Advisors LLC’s holdings in Bank of America were worth $336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Buckingham Strategic Partners grew its holdings in Bank of America by 23.7% during the 2nd quarter. Buckingham Strategic Partners now owns 54,963 shares of the financial services provider’s stock valued at $1,577,000 after buying an additional 10,535 shares in the last quarter. Schechter Investment Advisors LLC boosted its position in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares during the last quarter. Eastern Bank boosted its position in shares of Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after acquiring an additional 93,375 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its position in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its position in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock traded down $0.22 during trading hours on Tuesday, hitting $37.30. 33,961,769 shares of the company’s stock were exchanged, compared to its average volume of 40,920,441. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $294.32 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.75 and a beta of 1.39. The firm has a 50 day moving average of $34.80 and a two-hundred day moving average of $31.51. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35.

Bank of America (NYSE:BACGet Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 EPS. Sell-side analysts forecast that Bank of America Co. will post 3.1 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BAC. Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. HSBC restated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Oppenheimer dropped their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $36.15.

Get Our Latest Analysis on BAC

Bank of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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