Tradewinds LLC. Acquires New Holdings in Bank of America Corporation $BAC

Tradewinds LLC. bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 28,130 shares of the financial services provider’s stock, valued at approximately $1,451,000.

A number of other hedge funds also recently modified their holdings of the business. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Sivia Capital Partners LLC boosted its holdings in Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 6,174 shares during the last quarter. CX Institutional increased its position in Bank of America by 7.7% during the 2nd quarter. CX Institutional now owns 34,150 shares of the financial services provider’s stock valued at $1,616,000 after purchasing an additional 2,439 shares during the period. Wedge Capital Management L L P NC raised its holdings in Bank of America by 8.7% during the 2nd quarter. Wedge Capital Management L L P NC now owns 11,402 shares of the financial services provider’s stock worth $540,000 after purchasing an additional 914 shares during the last quarter. Finally, Grant Private Wealth Management Inc lifted its position in shares of Bank of America by 1,516.1% in the 2nd quarter. Grant Private Wealth Management Inc now owns 118,156 shares of the financial services provider’s stock worth $5,591,000 after purchasing an additional 110,845 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday. TD Cowen lowered their price objective on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Finally, Robert W. Baird increased their price target on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.74.

Bank of America Stock Up 0.8%

BAC stock opened at $53.02 on Monday. The stock’s 50 day simple moving average is $54.17 and its 200 day simple moving average is $51.24. The company has a market cap of $387.18 billion, a P/E ratio of 13.84 and a beta of 1.29. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $28.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 29.24%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.