Kingswood Wealth Advisors LLC Purchases 11,947 Shares of Bank of America Co. (NYSE:BAC)

Kingswood Wealth Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 17.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 79,458 shares of the financial services provider’s stock after acquiring an additional 11,947 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Bank of America were worth $3,013,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Ayalon Insurance Comp Ltd. raised its stake in shares of Bank of America by 3.7% during the 1st quarter. Ayalon Insurance Comp Ltd. now owns 26,452 shares of the financial services provider’s stock valued at $1,003,000 after purchasing an additional 949 shares during the period. First Bancorp Inc ME purchased a new position in shares of Bank of America during the 1st quarter valued at $230,000. Prentice Wealth Management LLC increased its holdings in shares of Bank of America by 6.2% in the first quarter. Prentice Wealth Management LLC now owns 18,218 shares of the financial services provider’s stock worth $691,000 after purchasing an additional 1,059 shares during the period. Shorepath Capital Management LLC raised its position in shares of Bank of America by 10.2% in the first quarter. Shorepath Capital Management LLC now owns 305,553 shares of the financial services provider’s stock worth $11,587,000 after buying an additional 28,354 shares in the last quarter. Finally, Hoxton Planning & Management LLC bought a new stake in Bank of America during the first quarter valued at $244,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. BMO Capital Markets lifted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Trading Down 1.0 %

Shares of Bank of America stock traded down $0.38 during midday trading on Wednesday, reaching $39.00. 44,306,356 shares of the company’s stock traded hands, compared to its average volume of 38,931,496. The company has a market cap of $304.99 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The stock has a 50 day moving average of $38.71 and a 200-day moving average of $35.95. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. 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 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. The company 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%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.46%. Bank of America’s payout ratio is 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.