Bank of America Co. (NYSE:BAC) Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management raised its position in Bank of America Co. (NYSE:BACGet Rating) by 4.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,395 shares of the financial services provider’s stock after acquiring an additional 3,289 shares during the quarter. Ritholtz Wealth Management’s holdings in Bank of America were worth $2,658,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in BAC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in Bank of America by 3.7% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 42,501 shares of the financial services provider’s stock valued at $1,891,000 after acquiring an additional 1,500 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bank of America during the 4th quarter valued at about $134,000. Unigestion Holding SA acquired a new stake in Bank of America in the 4th quarter worth approximately $2,520,000. Greytown Advisors Inc. increased its position in Bank of America by 0.5% in the 4th quarter. Greytown Advisors Inc. now owns 64,438 shares of the financial services provider’s stock worth $2,867,000 after buying an additional 300 shares during the period. Finally, Odey Asset Management Group Ltd increased its position in shares of Bank of America by 13.2% during the fourth quarter. Odey Asset Management Group Ltd now owns 85,500 shares of the financial services provider’s stock valued at $3,804,000 after purchasing an additional 10,000 shares during the period. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Bank of America Stock Down 3.0 %

Shares of BAC stock traded down $0.96 during trading on Friday, reaching $31.54. The company’s stock had a trading volume of 533,188 shares, compared to its average volume of 38,124,100. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $253.43 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 1.48 and a beta of 1.37. The stock’s 50-day moving average price is $34.13 and its 200 day moving average price is $35.84. Bank of America Co. has a 1-year low of $29.67 and a 1-year high of $50.11.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same quarter last year, the firm posted $1.03 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.2 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a yield of 2.79%. This is an increase from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s payout ratio is currently 27.50%.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Royal Bank of Canada reduced their price objective on Bank of America from $45.00 to $40.00 in a research note on Tuesday, July 19th. Piper Sandler reduced their price target on Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Deutsche Bank Aktiengesellschaft cut their price objective on Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, September 12th. Wells Fargo & Company lowered their price objective on Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Finally, Barclays decreased their price target on Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 19th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.58.

About Bank of America

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Further Reading

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.