Octavia Wealth Advisors LLC Has $1.81 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Octavia Wealth Advisors LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 53,626 shares of the financial services provider’s stock after purchasing an additional 851 shares during the period. Octavia Wealth Advisors LLC’s holdings in Bank of America were worth $1,806,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Buffington Mohr McNeal raised its holdings in Bank of America by 266.0% in the 4th quarter. Buffington Mohr McNeal now owns 163,314 shares of the financial services provider’s stock valued at $5,499,000 after acquiring an additional 118,695 shares in the last quarter. Independent Family Office LLC acquired a new position in Bank of America in the 4th quarter valued at approximately $243,000. Investment Advisory Group LLC acquired a new position in Bank of America in the 4th quarter valued at approximately $224,000. United Asset Strategies Inc. raised its holdings in Bank of America by 251.9% in the 4th quarter. United Asset Strategies Inc. now owns 327,149 shares of the financial services provider’s stock valued at $11,015,000 after acquiring an additional 234,172 shares in the last quarter. Finally, SVB Wealth LLC raised its holdings in Bank of America by 7.1% in the 4th quarter. SVB Wealth LLC now owns 150,105 shares of the financial services provider’s stock valued at $5,054,000 after acquiring an additional 9,946 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC traded down $1.32 during trading hours on Tuesday, reaching $34.63. 59,317,673 shares of the company’s stock were exchanged, compared to its average volume of 40,661,395. The stock has a market cap of $273.25 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.39. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35. The firm has a fifty day moving average of $35.48 and a 200-day moving average of $32.14. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the prior year, the business earned $0.85 EPS. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is 31.27%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BAC shares. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $38.29.

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.