Stockman Wealth Management Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Stockman Wealth Management Inc. raised its position in Bank of America Co. (NYSE:BAC) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 236,166 shares of the financial services provider’s stock after acquiring an additional 6,130 shares during the quarter. Bank of America makes up about 1.6% of Stockman Wealth Management Inc.’s holdings, making the stock its 24th biggest holding. Stockman Wealth Management Inc.’s holdings in Bank of America were worth $7,952,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Schechter Investment Advisors LLC lifted its position in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares during the last quarter. Eastern Bank lifted its holdings in Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after buying an additional 93,375 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its holdings in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares during the last quarter. Finally, Sarasin & Partners LLP acquired a new stake in Bank of America during the 4th quarter worth $673,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded up $0.78 during trading hours on Monday, reaching $37.75. 43,853,873 shares of the company’s stock were exchanged, compared to its average volume of 41,810,023. 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 company’s 50 day moving average is $35.77 and its two-hundred day moving average is $32.48. The company has a market cap of $297.87 billion, a P/E ratio of 13.06, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Ratings Changes

Several equities analysts have issued reports on BAC shares. Evercore ISI raised their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, BMO Capital Markets boosted their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $38.53.

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.