Bank of America Co. (NYSE:BAC) Shares Purchased by Lyell Wealth Management LP

Lyell Wealth Management LP increased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 107,621 shares of the financial services provider’s stock after acquiring an additional 4,607 shares during the period. Lyell Wealth Management LP’s holdings in Bank of America were worth $3,624,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Schechter Investment Advisors LLC lifted its position in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC raised its position in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Sarasin & Partners LLP acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $673,000. Finally, Pinnacle Associates Ltd. raised its position in shares of Bank of America by 30.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after purchasing an additional 225,767 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Evercore ISI upped their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Citigroup upped their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, Barclays upped their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

BAC traded down $0.05 during trading on Wednesday, reaching $38.32. 28,655,567 shares of the company were exchanged, compared to its average volume of 41,609,586. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The stock has a market cap of $302.37 billion, a P/E ratio of 13.26, a PEG ratio of 1.70 and a beta of 1.39. The firm has a 50 day moving average of $35.98 and a 200 day moving average of $32.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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 the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.51%. 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.