Global Wealth Management Investment Advisory Inc. Purchases 3,840 Shares of Bank of America Co. (NYSE:BAC)

Global Wealth Management Investment Advisory Inc. increased its holdings in Bank of America Co. (NYSE:BAC) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 221,218 shares of the financial services provider’s stock after purchasing an additional 3,840 shares during the period. Bank of America makes up about 1.9% of Global Wealth Management Investment Advisory Inc.’s investment portfolio, making the stock its 12th largest position. Global Wealth Management Investment Advisory Inc.’s holdings in Bank of America were worth $7,448,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of BAC. Northern Trust Corp increased its position in Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after acquiring an additional 1,397,469 shares during the last quarter. Barclays PLC boosted its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after buying an additional 746,756 shares during the period. California Public Employees Retirement System boosted its holdings in Bank of America by 5.9% during the 4th quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after acquiring an additional 1,250,096 shares during the period. Finally, Pzena Investment Management LLC grew its position in Bank of America by 28.7% in the 3rd quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after acquiring an additional 4,335,882 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of 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. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Oppenheimer raised their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. BMO Capital Markets lifted their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Finally, UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.59.

Bank of America Stock Performance

BAC traded down $0.07 on Wednesday, reaching $36.94. The stock had a trading volume of 10,201,771 shares, compared to its average volume of 40,751,434. The business’s 50-day moving average price is $36.26 and its two-hundred day moving average price is $32.95. 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 Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a market cap of $291.48 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39.

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 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 during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Bank of America’s dividend payout ratio is currently 33.22%.

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.