Bank of America Co. (NYSE:BAC) Shares Acquired by Net Worth Advisory Group

Net Worth Advisory Group increased its stake in shares of Bank of America Co. (NYSE:BAC) by 78.1% in the 4th quarter, HoldingsChannel reports. The firm owned 10,409 shares of the financial services provider’s stock after buying an additional 4,566 shares during the quarter. Net Worth Advisory Group’s holdings in Bank of America were worth $457,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. OFI Invest Asset Management acquired a new stake in shares of Bank of America during the 4th quarter worth about $60,679,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares during the last quarter. Arizona State Retirement System grew its stake in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares during the period. Accent Capital Management LLC raised its holdings in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Finally, Keybank National Association OH lifted its stake in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $39.62 on Wednesday. The stock has a 50-day simple moving average of $45.44 and a 200-day simple moving average of $43.76. The firm has a market cap of $301.29 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the company earned $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

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.