Bank of America Co. (NYSE:BAC) Shares Bought by Iams Wealth Management LLC

Iams Wealth Management LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 7.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,614 shares of the financial services provider’s stock after acquiring an additional 2,321 shares during the period. Iams Wealth Management LLC’s holdings in Bank of America were worth $1,444,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BAC. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter worth $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Royal Bank of Canada lowered their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Barclays lowered their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, UBS Group raised their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Trading Up 1.4%

Bank of America stock opened at $44.68 on Wednesday. The firm’s 50-day moving average is $40.53 and its 200-day moving average is $43.52. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a market cap of $336.52 billion, a P/E ratio of 13.88, a PEG ratio of 1.21 and a beta of 1.27.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.33%. Bank of America’s dividend payout ratio is presently 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.