Eagle Wealth Strategies LLC Takes Position in Bank of America Co. (NYSE:BAC)

Eagle Wealth Strategies LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,599 shares of the financial services provider’s stock, valued at approximately $323,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. 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 purchasing an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its holdings in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares in the last quarter. Sarasin & Partners LLP bought a new position in Bank of America in the fourth quarter worth approximately $673,000. Finally, Pinnacle Associates Ltd. boosted its holdings in Bank of America by 30.0% in the third quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock worth $26,799,000 after acquiring an additional 225,767 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on BAC shares. Barclays increased 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. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Oppenheimer dropped their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Finally, Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Price Performance

BAC opened at $37.83 on Monday. The company has a market cap of $298.50 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39. The business’s 50-day moving average price is $36.13 and its 200-day moving average price is $32.80. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. Bank of America’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio is presently 33.22%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.