IronOak Wealth LLC. Buys New Position in Bank of America Co. (NYSE:BAC)

IronOak Wealth LLC. acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 24,489 shares of the financial services provider’s stock, valued at approximately $1,076,000.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new position in Bank of America in the fourth quarter valued at about $25,000. Collier Financial bought a new position in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America during the 4th quarter valued at about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the fourth quarter worth about $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Oppenheimer restated an “outperform” rating on shares of Bank of America in a report on Thursday. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Shares of BAC opened at $43.20 on Tuesday. The firm has a fifty day simple moving average of $40.36 and a two-hundred day simple moving average of $43.58. The firm has a market cap of $325.38 billion, a PE ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s payout ratio is currently 30.95%.

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.