Adell Harriman & Carpenter Inc. Purchases 3,375 Shares of Bank of America Co. (NYSE:BAC)

Adell Harriman & Carpenter Inc. grew its position in shares of Bank of America Co. (NYSE:BAC) by 8.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,756 shares of the financial services provider’s stock after purchasing an additional 3,375 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Bank of America were worth $1,541,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Brookstone Capital Management boosted its position in Bank of America by 97.4% during the third quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock valued at $4,262,000 after buying an additional 78,012 shares during the period. RMR Wealth Builders grew its position in Bank of America by 100.2% during the 3rd quarter. RMR Wealth Builders now owns 30,511 shares of the financial services provider’s stock worth $835,000 after acquiring an additional 15,273 shares during the last quarter. Waypoint Wealth Partners Inc. purchased a new position in Bank of America in the 3rd quarter worth approximately $608,000. Hoertkorn Richard Charles lifted its position in Bank of America by 0.4% in the third quarter. Hoertkorn Richard Charles now owns 320,467 shares of the financial services provider’s stock valued at $8,774,000 after purchasing an additional 1,314 shares during the last quarter. Finally, Accurate Wealth Management LLC boosted its stake in shares of Bank of America by 2.4% during the third quarter. Accurate Wealth Management LLC now owns 29,061 shares of the financial services provider’s stock valued at $801,000 after purchasing an additional 668 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock traded down $0.11 during trading hours on Tuesday, reaching $37.44. The company had a trading volume of 2,926,499 shares, compared to its average volume of 40,786,973. The firm has a market cap of $295.43 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The business has a fifty day moving average price of $36.20 and a 200-day moving average price of $32.88. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. UBS Group reiterated 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. Finally, Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.59.

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.