Concord Wealth Partners Increases Stake in Bank of America Co. (NYSE:BAC)

Concord Wealth Partners raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,259 shares of the financial services provider’s stock after buying 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.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Fortis Group Advisors LLC purchased a new stake in Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $32,000. ZRC Wealth Management LLC boosted its position in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC boosted its position in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 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 have weighed in on the stock. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research report on Friday, April 19th. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Barclays upped their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Finally, Oppenheimer upped their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $38.59.

Bank of America Trading Up 1.0 %

BAC stock traded up $0.37 during trading on Wednesday, hitting $37.38. The company had a trading volume of 20,478,716 shares, compared to its average volume of 40,871,688. The firm has a market capitalization of $294.95 billion, a P/E ratio of 12.78, a PEG ratio of 1.68 and a beta of 1.39. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The company has a 50 day simple moving average of $36.26 and a 200-day simple moving average of $32.95. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. 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 dividend payout ratio (DPR) is 33.22%.

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.