IMG Wealth Management Inc. Invests $91,000 in Bank of America Co. (NYSE:BAC)

IMG Wealth Management Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,068 shares of the financial services provider’s stock, valued at approximately $91,000.

Other institutional investors also recently modified their holdings of the company. SlateStone Wealth LLC grew its holdings in Bank of America by 8.0% during the fourth quarter. SlateStone Wealth LLC now owns 14,500 shares of the financial services provider’s stock worth $637,000 after buying an additional 1,075 shares in the last quarter. GWN Securities Inc. bought a new stake in Bank of America during the fourth quarter worth $1,245,000. Facet Wealth Inc. grew its holdings in Bank of America by 45.0% during the fourth quarter. Facet Wealth Inc. now owns 10,590 shares of the financial services provider’s stock worth $502,000 after buying an additional 3,288 shares in the last quarter. Harbour Investments Inc. grew its holdings in Bank of America by 6.3% during the fourth quarter. Harbour Investments Inc. now owns 29,230 shares of the financial services provider’s stock worth $1,285,000 after buying an additional 1,743 shares in the last quarter. Finally, Greenwich Wealth Management LLC grew its holdings in Bank of America by 10.0% during the fourth quarter. Greenwich Wealth Management LLC now owns 29,803 shares of the financial services provider’s stock worth $1,310,000 after buying an additional 2,704 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Robert W. Baird upgraded 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. Finally, Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Performance

Shares of BAC opened at $40.97 on Monday. The stock’s 50-day simple moving average is $45.19 and its 200 day simple moving average is $43.76. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The stock has a market capitalization of $311.45 billion, a price-to-earnings ratio of 12.72, 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 (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. Bank of America’s payout ratio is currently 32.30%.

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.