Alliance Wealth Advisors LLC UT Acquires Shares of 7,093 Bank of America Co. (NYSE:BAC)

Alliance Wealth Advisors LLC UT bought a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,093 shares of the financial services provider’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Barclays PLC lifted its holdings 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 worth $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd boosted its holdings in Bank of America by 1,071.8% in the fourth 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 purchasing an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP purchased a new stake in Bank of America during the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board increased its holdings in Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at approximately $168,610,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC traded down $0.08 during trading on Friday, reaching $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The stock has a 50 day moving average of $36.13 and a two-hundred day moving average of $32.76. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49.

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

Bank of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods upped 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. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. Oppenheimer lowered their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Finally, Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America 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.