Alliance Wealth Advisors LLC UT Takes $239,000 Position in Bank of America Co. (NYSE:BAC)

Alliance Wealth Advisors LLC UT bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 7,093 shares of the financial services provider’s stock, valued at approximately $239,000.

Other hedge funds also recently added to or reduced their stakes in the company. Brio Consultants LLC acquired a new stake in Bank of America in the 4th quarter worth approximately $227,000. Investment Partners LTD. purchased a new stake in shares of Bank of America during the fourth quarter valued at $224,000. Addison Advisors LLC grew its holdings in shares of Bank of America by 6.2% during the fourth quarter. Addison Advisors LLC now owns 14,344 shares of the financial services provider’s stock valued at $483,000 after buying an additional 843 shares during the last quarter. Gilliland Jeter Wealth Management LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $2,338,000. Finally, Headlands Technologies LLC raised its stake in Bank of America by 2,531.2% in the 4th quarter. Headlands Technologies LLC now owns 131,953 shares of the financial services provider’s stock worth $4,443,000 after acquiring an additional 126,938 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target 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. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Price Performance

Shares of BAC traded down $0.08 during mid-day trading on Friday, hitting $37.83. 28,668,680 shares of the company were exchanged, compared to its average volume of 40,953,860. The stock has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.69 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 has a 50 day moving average of $36.13 and a 200-day moving average of $32.76. 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, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned $0.94 earnings per share. Analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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.