DiNuzzo Private Wealth Inc. Buys Shares of 3,107 Bank of America Co. (NYSE:BAC)

DiNuzzo Private Wealth Inc. bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,107 shares of the financial services provider’s stock, valued at approximately $105,000.

A number of other large investors also recently made changes to their positions in the business. Global Wealth Management Investment Advisory Inc. lifted its stake in shares of Bank of America by 1.8% during the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 221,218 shares of the financial services provider’s stock worth $7,448,000 after purchasing an additional 3,840 shares during the period. Cary Street Partners Asset Management LLC raised its position in shares of Bank of America by 17.3% in the 4th quarter. Cary Street Partners Asset Management LLC now owns 14,306 shares of the financial services provider’s stock worth $482,000 after buying an additional 2,110 shares during the period. Hexagon Capital Partners LLC raised its position in shares of Bank of America by 0.7% in the 4th quarter. Hexagon Capital Partners LLC now owns 64,816 shares of the financial services provider’s stock worth $2,182,000 after buying an additional 419 shares during the period. Arnhold LLC raised its position in shares of Bank of America by 2.3% in the 4th quarter. Arnhold LLC now owns 300,281 shares of the financial services provider’s stock worth $10,110,000 after buying an additional 6,779 shares during the period. Finally, Paces Ferry Wealth Advisors LLC raised its position in shares of Bank of America by 4.2% in the 4th quarter. Paces Ferry Wealth Advisors LLC now owns 10,673 shares of the financial services provider’s stock worth $359,000 after buying an additional 433 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded up $0.09 during mid-day trading on Wednesday, reaching $37.10. 15,388,532 shares of the company’s stock traded hands, compared to its average volume of 40,811,734. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The stock has a market capitalization of $292.74 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39. The business’s 50-day moving average price is $36.26 and its 200-day moving average price is $32.95. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

Several research analysts have commented on BAC shares. Evercore ISI raised their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods raised their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average 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.