Moss Adams Wealth Advisors LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Moss Adams Wealth Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 44.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,160 shares of the financial services provider’s stock after acquiring an additional 3,421 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Bank of America were worth $376,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAC. Regent Peak Wealth Advisors LLC increased its stake in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group increased its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the period. Private Ocean LLC raised its stake in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares in the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after buying an additional 334 shares during the period. Finally, Legacy Capital Wealth Partners LLC grew its holdings in Bank of America by 4.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock worth $295,000 after acquiring an additional 338 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 NYSE:BAC traded down $0.14 during trading on Wednesday, reaching $37.70. The stock had a trading volume of 32,799,608 shares, compared to its average volume of 40,510,223. The stock has a fifty day simple moving average of $36.61 and a two-hundred day simple moving average of $33.31. 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 Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The firm has a market capitalization of $294.83 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 1.66 and a beta of 1.37.

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 net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.21 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. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.55%. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BAC. Citigroup lifted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. BMO Capital Markets raised their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. HSBC restated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of 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 research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.70.

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.