Tyche Wealth Partners LLC Purchases Shares of 22,195 Bank of America Co. (NYSE:BAC)

Tyche Wealth Partners LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 22,195 shares of the financial services provider’s stock, valued at approximately $747,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC raised its position in Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after buying an additional 192,989,515 shares during the last quarter. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at $3,436,543,000. Barclays PLC raised its position in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. Snider Financial Group raised its position in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd raised its position in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wells Fargo & Company upped 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. 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. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Hold” and an average target price of $38.29.

Bank of America Price Performance

NYSE BAC traded down $1.27 during trading hours on Wednesday, hitting $34.68. The company had a trading volume of 95,566,094 shares, compared to its average volume of 35,278,272. The firm has a 50 day simple moving average of $35.51 and a 200 day simple moving average of $32.19. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.35. The firm has a market capitalization of $273.65 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.64 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.77%. Bank of America’s payout ratio is currently 31.27%.

About Bank of America

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.