VSM Wealth Advisory LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

VSM Wealth Advisory LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,669 shares of the financial services provider’s stock, valued at approximately $73,000.

Several other hedge funds also recently bought and sold shares of the stock. Saiph Capital LLC lifted its holdings in Bank of America by 2.1% in the 4th quarter. Saiph Capital LLC now owns 107,659 shares of the financial services provider’s stock valued at $4,732,000 after purchasing an additional 2,264 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Bank of America by 140.2% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 27,593 shares of the financial services provider’s stock valued at $1,218,000 after buying an additional 16,106 shares during the last quarter. Brooklyn FI LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $1,081,000. Intech Investment Management LLC boosted its position in Bank of America by 17.0% during the fourth quarter. Intech Investment Management LLC now owns 198,512 shares of the financial services provider’s stock worth $8,725,000 after acquiring an additional 28,881 shares during the last quarter. Finally, Generali Asset Management SPA SGR purchased a new stake in Bank of America in the 4th quarter worth approximately $21,023,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4 %

BAC opened at $42.24 on Thursday. The firm’s 50 day moving average is $44.94 and its 200-day moving average is $43.77. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $321.10 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 EPS. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Finally, Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

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.