Carson Advisory Inc. Raises Stake in Bank of America Co. (NYSE:BAC)

Carson Advisory Inc. raised its position in shares of Bank of America Co. (NYSE:BAC) by 2.6% during the third quarter, HoldingsChannel reports. The fund owned 57,280 shares of the financial services provider’s stock after acquiring an additional 1,458 shares during the quarter. Bank of America accounts for approximately 1.4% of Carson Advisory Inc.’s investment portfolio, making the stock its 15th largest holding. Carson Advisory Inc.’s holdings in Bank of America were worth $1,568,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fort Sheridan Advisors LLC lifted its stake in Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after purchasing an additional 303 shares during the last quarter. Horizon Wealth Management LLC lifted its stake in Bank of America by 1.1% during the second quarter. Horizon Wealth Management LLC now owns 28,347 shares of the financial services provider’s stock worth $813,000 after purchasing an additional 318 shares during the last quarter. BHK Investment Advisors LLC lifted its stake in Bank of America by 2.4% during the second quarter. BHK Investment Advisors LLC now owns 14,140 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 333 shares during the last quarter. Fort Point Capital Partners LLC lifted its stake in Bank of America by 2.2% during the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 336 shares during the last quarter. Finally, Greenwich Wealth Management LLC lifted its stake in Bank of America by 1.3% during the second quarter. Greenwich Wealth Management LLC now owns 27,309 shares of the financial services provider’s stock worth $784,000 after purchasing an additional 345 shares during the last quarter. Institutional investors own 68.06% of the company’s stock.

Bank of America Price Performance

BAC stock traded down $0.06 on Thursday, reaching $33.12. 36,830,258 shares of the company’s stock were exchanged, compared to its average volume of 43,293,281. The stock has a fifty day moving average of $32.85 and a 200-day moving average of $30.11. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $36.35. The firm has a market cap of $262.10 billion, a PE ratio of 10.73, a P/E/G ratio of 1.50 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. Bank of America’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.85 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.14 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Oppenheimer boosted their target price on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. The Goldman Sachs Group boosted their price objective on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, December 1st. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. BMO Capital Markets reduced their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Finally, Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $35.53.

Get Our Latest Report on Bank of America

Insider Buying and Selling at Bank of America

In other news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the stock in a transaction on Wednesday, December 27th. The shares were bought at an average price of $10.56 per share, with a total value of $57,002.88. Following the completion of the acquisition, the insider now owns 5,398 shares of the company’s stock, valued at $57,002.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by corporate insiders.

Bank of America Profile

(Free Report)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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