Bank of America Co. (NYSE:BAC) Stake Raised by Aletheian Wealth Advisors LLC

Aletheian Wealth Advisors LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 29.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,398 shares of the financial services provider’s stock after purchasing an additional 6,732 shares during the period. Aletheian Wealth Advisors LLC’s holdings in Bank of America were worth $1,115,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Fortis Group Advisors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $25,000. Livelsberger Financial Advisory purchased a new stake in Bank of America during the fourth quarter valued at about $28,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the fourth quarter worth about $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the first quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in shares of Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 862 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $39.38 on Wednesday. The firm’s 50-day moving average is $38.71 and its 200-day moving average is $35.95. The company has a market cap of $307.97 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.76 and a beta of 1.36. 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 Co. has a 52-week low of $24.96 and a 52-week high of $40.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

A number of equities analysts recently commented on BAC shares. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Evercore ISI raised their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. 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. JPMorgan Chase & Co. raised their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $39.79.

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.