Altrius Capital Management Inc Grows Position in Bank of America Co. (NYSE:BAC)

Altrius Capital Management Inc grew its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 114,774 shares of the financial services provider’s stock after acquiring an additional 1,211 shares during the quarter. Altrius Capital Management Inc’s holdings in Bank of America were worth $3,864,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC lifted its holdings in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group lifted its holdings in shares of Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares in the last quarter. Private Ocean LLC lifted its holdings in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares in the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC lifted its holdings in shares of Bank of America by 4.0% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. UBS Group restated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wells Fargo & Company upped their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.28 during mid-day trading on Monday, hitting $37.55. The company had a trading volume of 26,438,781 shares, compared to its average volume of 41,261,754. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The business’s 50-day simple moving average is $36.13 and its 200-day simple moving average is $32.80. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The firm has a market cap of $296.29 billion, a P/E ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its earnings results 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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the company earned $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

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.