Unique Wealth Strategies LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Unique Wealth Strategies LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,535 shares of the financial services provider’s stock, valued at approximately $355,000.

Other large investors also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth $25,000. Glass Jacobson Investment Advisors llc raised its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares in the last quarter. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $32,000. ZRC Wealth Management LLC raised its stake in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC raised its stake 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 acquiring an additional 325 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.08 during midday trading on Friday, reaching $37.83. 28,668,680 shares of the company were exchanged, compared to its average volume of 40,953,860. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The stock has a fifty day simple moving average of $36.13 and a 200 day simple moving average of $32.76. The stock has a market cap of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the company posted $0.94 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Keefe, Bruyette & Woods increased their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Finally, HSBC reissued a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.