Apollon Wealth Management LLC Has $4.52 Million Stock Position in Bank of America Co. (NYSE:BAC)

Apollon Wealth Management LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 45.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 134,180 shares of the financial services provider’s stock after purchasing an additional 41,728 shares during the quarter. Apollon Wealth Management LLC’s holdings in Bank of America were worth $4,518,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. ZRC Wealth Management LLC boosted its stake in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares in the last quarter. Finally, Private Ocean LLC grew its position in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 1.2 %

NYSE BAC traded up $0.44 on Monday, reaching $37.69. The company had a trading volume of 28,403,702 shares, compared to its average volume of 40,729,758. 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 Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The stock has a market cap of $294.75 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.66 and a beta of 1.37. The stock’s 50 day moving average is $36.54 and its 200-day moving average is $33.23.

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 for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the company posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BAC shares. Oppenheimer boosted their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Keefe, Bruyette & Woods increased their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Citigroup boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.70.

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.