McGlone Suttner Wealth Management Inc. Increases Holdings in Bank of America Co. (NYSE:BAC)

McGlone Suttner Wealth Management Inc. grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the 4th quarter, HoldingsChannel reports. The firm owned 20,182 shares of the financial services provider’s stock after acquiring an additional 1,054 shares during the quarter. McGlone Suttner Wealth Management Inc.’s holdings in Bank of America were worth $680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Fort Sheridan Advisors LLC boosted its holdings in shares of Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after purchasing an additional 303 shares during the period. Selective Wealth Management Inc. boosted its holdings in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the period. Fort Point Capital Partners LLC boosted its holdings in shares of Bank of America by 2.2% in the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 336 shares during the period. Morton Capital Management LLC CA boosted its holdings in shares of Bank of America by 3.3% in the 4th quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 341 shares during the period. Finally, Sweet Financial Partners LLC boosted its holdings in shares of Bank of America by 1.8% in the 4th quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 344 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, HSBC restated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

Bank of America Stock Up 0.3 %

Shares of BAC traded up $0.11 during trading hours on Thursday, hitting $37.92. The company had a trading volume of 42,116,296 shares, compared to its average volume of 41,135,176. The company has a market capitalization of $299.21 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.70 and a beta of 1.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a one year low of $24.96 and a one year high of $38.00. The company’s fifty day moving average price is $34.47 and its two-hundred day moving average price is $31.31.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS. As a group, equities analysts forecast that Bank of America Co. will post 3.11 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, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s payout ratio is 31.27%.

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.