Kestra Private Wealth Services LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Kestra Private Wealth Services LLC raised its position in Bank of America Co. (NYSE:BAC) by 0.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 464,519 shares of the financial services provider’s stock after purchasing an additional 1,135 shares during the period. Kestra Private Wealth Services LLC’s holdings in Bank of America were worth $15,640,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Fortis Group Advisors LLC purchased a new stake in Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc lifted its stake 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 during the last quarter. Criterion Capital Advisors LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC increased its stake in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC lifted its position in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC traded down $0.27 during trading hours on Monday, hitting $37.56. The company’s stock had a trading volume of 26,545,185 shares, compared to its average volume of 41,263,035. The company has a market capitalization of $296.37 billion, a PE ratio of 13.00, 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’s 50-day moving average is $36.20 and its two-hundred day moving average is $32.88. 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 quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed 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. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Jefferies Financial Group boosted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, Wolfe Research upgraded shares of 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 report on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $38.53.

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.