Bank of America Co. (NYSE:BAC) Shares Bought by Addison Advisors LLC

Addison Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 6.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 14,344 shares of the financial services provider’s stock after buying an additional 843 shares during the period. Addison Advisors LLC’s holdings in Bank of America were worth $483,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Gilliland Jeter Wealth Management LLC purchased a new stake in Bank of America in the 4th quarter valued at approximately $2,338,000. Headlands Technologies LLC raised its stake in shares of Bank of America by 2,531.2% during the 4th quarter. Headlands Technologies LLC now owns 131,953 shares of the financial services provider’s stock worth $4,443,000 after buying an additional 126,938 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of Bank of America by 28.5% in the 4th quarter. Citizens Financial Group Inc. RI now owns 77,273 shares of the financial services provider’s stock valued at $2,602,000 after buying an additional 17,133 shares during the period. Heritage Financial Services LLC boosted its stake in shares of Bank of America by 21.9% in the fourth quarter. Heritage Financial Services LLC now owns 9,193 shares of the financial services provider’s stock valued at $310,000 after buying an additional 1,649 shares in the last quarter. Finally, K.J. Harrison & Partners Inc grew its holdings in Bank of America by 6.5% during the fourth quarter. K.J. Harrison & Partners Inc now owns 11,970 shares of the financial services provider’s stock worth $403,000 after acquiring an additional 731 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on BAC. Oppenheimer reduced their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Evercore ISI lifted their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, UBS Group restated a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.08 on Friday, hitting $37.83. The company had a trading volume of 28,668,680 shares, 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. The company has a market cap of $298.50 billion, a PE ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The business has a 50 day moving average of $36.13 and a 200 day moving average of $32.76.

Bank of America (NYSE:BAC) last announced its earnings results 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 firm had revenue of $25.82 billion during 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 for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

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.