Blue Bell Private Wealth Management LLC Grows Stock Holdings in Bank of America Corporation (NYSE:BAC)

Blue Bell Private Wealth Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,303 shares of the financial services provider’s stock after buying an additional 458 shares during the quarter. Blue Bell Private Wealth Management LLC’s holdings in Bank of America were worth $221,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Graney & King LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $34,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after buying an additional 276 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BAC. UBS Group increased their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday, June 23rd. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and increased their price target for the stock from $47.00 to $51.00 in a report on Monday, July 7th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, Citigroup raised their price objective on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $50.03.

Bank of America Price Performance

Bank of America stock opened at $47.33 on Monday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31. The stock has a market capitalization of $356.48 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. The business has a 50 day simple moving average of $45.53 and a 200-day simple moving average of $43.64.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. Bank of America’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 earnings per share. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.20%. Bank of America’s dividend payout ratio (DPR) is presently 30.41%.

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.