Adell Harriman & Carpenter Inc. Purchases 3,375 Shares of Bank of America Co. (NYSE:BAC)

Adell Harriman & Carpenter Inc. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 45,756 shares of the financial services provider’s stock after acquiring an additional 3,375 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Bank of America were worth $1,541,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Naviter Wealth LLC raised its stake in Bank of America by 6.2% during the fourth quarter. Naviter Wealth LLC now owns 65,712 shares of the financial services provider’s stock worth $2,213,000 after acquiring an additional 3,846 shares in the last quarter. Choreo LLC grew its position in Bank of America by 49.2% during the 4th quarter. Choreo LLC now owns 138,507 shares of the financial services provider’s stock worth $4,664,000 after acquiring an additional 45,703 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its holdings in Bank of America by 0.7% during the 4th quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 52,480 shares of the financial services provider’s stock valued at $1,767,000 after purchasing an additional 368 shares in the last quarter. Mather Group LLC. raised its position in Bank of America by 15.8% in the 4th quarter. Mather Group LLC. now owns 34,085 shares of the financial services provider’s stock valued at $1,148,000 after purchasing an additional 4,661 shares during the last quarter. Finally, Gilbert & Cook Inc. boosted its stake in Bank of America by 4.0% in the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock worth $585,000 after purchasing an additional 662 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.3 %

NYSE BAC traded down $0.11 on Tuesday, reaching $37.44. The company had a trading volume of 2,926,499 shares, compared to its average volume of 40,786,973. The company’s fifty day moving average is $36.20 and its 200-day moving average is $32.88. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The firm has a market capitalization of $295.43 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. 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 posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, 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 company also recently declared 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 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Ratings Changes

Several equities research analysts have weighed in on BAC shares. Jefferies Financial Group raised their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Barclays lifted their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus target price of $38.59.

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.