Scissortail Wealth Management LLC Takes Position in Bank of America Co. (NYSE:BAC)

Scissortail Wealth Management LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 26,636 shares of the financial services provider’s stock, valued at approximately $895,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth $25,000. Castleview Partners LLC purchased a new stake in Bank of America during the first quarter worth $28,000. Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. ZRC Wealth Management LLC boosted its position in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners purchased a new stake in Bank of America during the fourth quarter worth $39,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on BAC shares. Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Barclays boosted their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. Finally, HSBC restated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $38.29.

Bank of America Trading Down 3.5 %

Bank of America stock traded down $1.27 during trading on Tuesday, hitting $34.68. The company’s stock had a trading volume of 91,528,739 shares, compared to its average volume of 41,161,027. The stock has a market capitalization of $273.65 billion, a price-to-earnings ratio of 11.31, a P/E/G ratio of 1.63 and a beta of 1.39. The stock’s fifty day moving average is $35.48 and its 200 day moving average is $32.14. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. 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 (NYSE:BAC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.85 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.13 EPS for the current year.

Bank of America Announces Dividend

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