Lyell Wealth Management LP Raises Stock Position in Bank of America Co. (NYSE:BAC)

Lyell Wealth Management LP grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,621 shares of the financial services provider’s stock after purchasing an additional 4,607 shares during the period. Lyell Wealth Management LP’s holdings in Bank of America were worth $3,624,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Fortis Group Advisors LLC purchased a new stake in Bank of America during the third quarter worth about $25,000. Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new stake in Bank of America during the fourth quarter worth about $32,000. ZRC Wealth Management LLC increased its stake in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC increased its stake in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock traded down $0.05 during trading hours on Wednesday, hitting $38.32. The stock had a trading volume of 28,655,567 shares, compared to its average volume of 41,609,586. The firm has a market capitalization of $302.37 billion, a PE ratio of 13.26, a PEG ratio of 1.70 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The stock’s 50 day moving average is $35.98 and its 200 day moving average is $32.61. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. UBS Group restated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. HSBC restated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Jefferies Financial Group upped their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $38.53.

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.