Wealthspire Advisors LLC Has $3.96 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Wealthspire Advisors LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 7.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 117,545 shares of the financial services provider’s stock after acquiring an additional 7,838 shares during the quarter. Wealthspire Advisors LLC’s holdings in Bank of America were worth $3,958,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Northern Trust Corp increased its stake in shares of Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the period. Barclays PLC increased its stake in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Fisher Asset Management LLC increased its stake in shares of Bank of America by 17.1% in the fourth quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider’s stock worth $1,267,666,000 after purchasing an additional 5,484,219 shares during the period. Finally, California Public Employees Retirement System increased its stake in shares of Bank of America by 5.9% in the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after purchasing an additional 1,250,096 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.4 %

Shares of BAC stock traded down $0.14 on Wednesday, hitting $37.70. The stock had a trading volume of 32,799,608 shares, compared to its average volume of 40,510,223. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The firm has a market cap of $294.83 billion, a P/E ratio of 13.04, a PEG ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $36.61 and a two-hundred day moving average price of $33.31.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. As a group, analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of research firms recently weighed in on BAC. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.70.

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.