Avestar Capital LLC Purchases 3,528 Shares of Bank of America Co. (NYSE:BAC)

Avestar Capital LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 8.4% during the 4th quarter, Holdings Channel reports. The firm owned 45,550 shares of the financial services provider’s stock after purchasing an additional 3,528 shares during the quarter. Avestar Capital LLC’s holdings in Bank of America were worth $2,002,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BAC. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at approximately $25,000. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the 4th quarter worth $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America in the third quarter worth about $45,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 1.2 %

BAC stock opened at $46.21 on Thursday. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The stock has a market cap of $354.56 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $45.76 and its 200 day moving average is $43.02.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company posted $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

Several equities analysts have weighed in on BAC shares. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.