Bank of America Co. (NYSE:BAC) Holdings Lifted by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,427 shares of the financial services provider’s stock after acquiring an additional 1,146 shares during the period. Octavia Wealth Advisors LLC’s holdings in Bank of America were worth $2,271,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new stake in Bank of America during the fourth quarter worth approximately $60,679,000. Arizona State Retirement System grew its position in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after buying an additional 10,377 shares during the last quarter. Gradient Investments LLC increased its holdings in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH lifted its position in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAC. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Royal Bank of Canada cut their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Finally, Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Price Performance

Shares of NYSE:BAC opened at $45.01 on Monday. The firm has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $40.71 and a 200 day simple moving average of $43.46.

Bank of America (NYSE:BAC) last issued its earnings results 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 company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

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.