Cary Street Partners Asset Management LLC Buys 2,110 Shares of Bank of America Co. (NYSE:BAC)

Cary Street Partners Asset Management LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 17.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 14,306 shares of the financial services provider’s stock after purchasing an additional 2,110 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Bank of America were worth $482,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC boosted its stake in shares of Bank of America by 0.7% in the 4th quarter. Hexagon Capital Partners LLC now owns 64,816 shares of the financial services provider’s stock worth $2,182,000 after buying an additional 419 shares during the last quarter. Arnhold LLC lifted its stake in Bank of America by 2.3% in the fourth quarter. Arnhold LLC now owns 300,281 shares of the financial services provider’s stock valued at $10,110,000 after purchasing an additional 6,779 shares during the last quarter. Paces Ferry Wealth Advisors LLC lifted its stake in Bank of America by 4.2% in the fourth quarter. Paces Ferry Wealth Advisors LLC now owns 10,673 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 433 shares during the last quarter. Hartford Funds Management Co LLC lifted its stake in Bank of America by 20.1% in the fourth quarter. Hartford Funds Management Co LLC now owns 35,613 shares of the financial services provider’s stock valued at $1,199,000 after purchasing an additional 5,968 shares during the last quarter. Finally, Brighton Jones LLC raised its holdings in Bank of America by 13.7% during the 4th quarter. Brighton Jones LLC now owns 92,295 shares of the financial services provider’s stock valued at $3,108,000 after acquiring an additional 11,130 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Odeon Capital Group lowered shares of 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. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.70.

Bank of America Price Performance

Shares of BAC opened at $36.95 on Thursday. The company has a 50 day moving average of $36.33 and a two-hundred day moving average of $32.98. The company has a market cap of $291.56 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $0.94 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. Bank of America’s dividend payout ratio is currently 33.22%.

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