Concord Wealth Partners Boosts Holdings in Bank of America Co. (NYSE:BAC)

Concord Wealth Partners raised its holdings in Bank of America Co. (NYSE:BAC) by 10.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 55,259 shares of the financial services provider’s stock after acquiring an additional 5,103 shares during the period. Concord Wealth Partners’ holdings in Bank of America were worth $1,861,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Barclays PLC grew its holdings in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd grew its holdings 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 worth $474,150,000 after purchasing an additional 12,880,492 shares during the period. Darsana Capital Partners LP purchased a new stake in shares of Bank of America during the 3rd quarter worth about $177,970,000. Canada Pension Plan Investment Board grew its holdings in shares of Bank of America by 143.5% during the 3rd 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 during the period. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $168,610,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded up $0.37 on Wednesday, hitting $37.38. 20,478,716 shares of the stock traded hands, compared to its average volume of 40,871,688. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $294.95 billion, a PE ratio of 12.78, a PEG ratio of 1.68 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company’s fifty day moving average is $36.26 and its 200 day moving average is $32.95.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.94 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Wells Fargo & Company upped their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Finally, Evercore ISI upped their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus target price of $38.59.

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.