Kiley Juergens Wealth Management LLC Raises Position in Bank of America Co. (NYSE:BAC)

Kiley Juergens Wealth Management LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 24.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,204 shares of the financial services provider’s stock after purchasing an additional 7,953 shares during the period. Kiley Juergens Wealth Management LLC’s holdings in Bank of America were worth $1,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Norges Bank purchased a new stake in Bank of America during the fourth quarter valued at approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after buying an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth $1,267,820,000 after purchasing an additional 5,488,790 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC stock traded up $0.02 during midday trading on Wednesday, reaching $40.95. The stock had a trading volume of 3,969,207 shares, compared to its average volume of 38,559,215. The stock has a market cap of $320.24 billion, a PE ratio of 14.16, a P/E/G ratio of 1.52 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a fifty day simple moving average of $38.95 and a two-hundred day simple moving average of $36.17. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $41.20.

Bank of America (NYSE:BAC) last issued its 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 company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. As a group, equities research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.34%. Bank of America’s payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and increased their target price for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Oppenheimer increased their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. increased their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.91.

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.