Intellectus Partners LLC Has $2.24 Million Holdings in Bank of America Co. (NYSE:BAC)

Intellectus Partners LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, Holdings Channel reports. The firm owned 51,027 shares of the financial services provider’s stock after selling 374 shares during the period. Intellectus Partners LLC’s holdings in Bank of America were worth $2,243,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BAC. Collier Financial bought a new position in Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAC. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a research note on Friday. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Stock Performance

Shares of BAC opened at $41.39 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. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The firm has a fifty day simple moving average of $45.61 and a 200 day simple moving average of $43.68. The stock has a market capitalization of $314.72 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced 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 return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.