Bank of America Co. (NYSE:BAC) Shares Bought by SVB Wealth LLC

SVB Wealth LLC raised its position in Bank of America Co. (NYSE:BAC) by 7.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,105 shares of the financial services provider’s stock after acquiring an additional 9,946 shares during the quarter. SVB Wealth LLC’s holdings in Bank of America were worth $5,054,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Fort Sheridan Advisors LLC lifted its holdings in shares of Bank of America by 0.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC lifted its holdings in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group lifted its holdings in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares during the last quarter. Private Ocean LLC lifted its holdings in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the last quarter. Finally, Selective Wealth Management Inc. lifted its holdings in Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $34.68 on Wednesday. The business has a fifty day simple moving average of $35.51 and a 200 day simple moving average of $32.19. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $273.65 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.64 and a beta of 1.39. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.77%. Bank of America’s payout ratio is 31.27%.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Oppenheimer reduced their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. HSBC restated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, Barclays upped their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America 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.