Bank of America Co. (NYSE:BAC) Shares Purchased by Paces Ferry Wealth Advisors LLC

Paces Ferry Wealth Advisors LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,673 shares of the financial services provider’s stock after acquiring an additional 433 shares during the quarter. Paces Ferry Wealth Advisors LLC’s holdings in Bank of America were worth $359,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Barclays PLC increased its holdings in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd grew its position in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP purchased a new position in shares of Bank of America in the 3rd quarter valued at about $177,970,000. Canada Pension Plan Investment Board boosted its position in Bank of America by 143.5% during the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Bank of America in the third quarter valued at approximately $168,610,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BAC shares. Oppenheimer increased their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. HSBC reaffirmed a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average target price of $38.59.

Bank of America Trading Down 1.5 %

NYSE:BAC traded down $0.54 during trading hours on Tuesday, hitting $37.01. The company had a trading volume of 30,280,209 shares, compared to its average volume of 41,130,859. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The company has a market cap of $291.99 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.69 and a beta of 1.39. The company has a 50-day moving average of $36.26 and a 200 day moving average of $32.95. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

About Bank of America

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.