WESPAC Advisors LLC Acquires 5,013 Shares of Bank of America Co. (NYSE:BAC)

WESPAC Advisors LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 35.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,035 shares of the financial services provider’s stock after purchasing an additional 5,013 shares during the period. WESPAC Advisors LLC’s holdings in Bank of America were worth $837,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Swedbank AB boosted its position in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Silver Oak Securities Incorporated boosted its position in shares of Bank of America by 40.7% during the 3rd quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 3,164 shares in the last quarter. Sigma Investment Counselors Inc. boosted its position in shares of Bank of America by 12.0% during the 3rd quarter. Sigma Investment Counselors Inc. now owns 11,993 shares of the financial services provider’s stock valued at $476,000 after purchasing an additional 1,281 shares in the last quarter. Mayfair Advisory Group LLC boosted its holdings in Bank of America by 19.5% in the third quarter. Mayfair Advisory Group LLC now owns 11,735 shares of the financial services provider’s stock worth $471,000 after acquiring an additional 1,911 shares in the last quarter. Finally, Smith & Howard Wealth Management LLC boosted its holdings in Bank of America by 262.5% in the third quarter. Smith & Howard Wealth Management LLC now owns 19,649 shares of the financial services provider’s stock worth $780,000 after acquiring an additional 14,228 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI cut their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $44.80 on Friday. 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 has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The stock has a 50 day moving average of $45.75 and a 200 day moving average of $43.37. Bank of America Co. has a 12 month low of $33.37 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 earnings per share. As a group, sell-side analysts forecast that Bank of America Co. will post 3.69 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, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.