11,728 Shares in Bank of America Co. (NYSE:BAC) Purchased by RD Lewis Holdings Inc.

RD Lewis Holdings Inc. acquired a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,728 shares of the financial services provider’s stock, valued at approximately $556,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC raised its position in Bank of America by 5.3% in the 4th quarter. Axxcess Wealth Management LLC now owns 207,198 shares of the financial services provider’s stock worth $9,106,000 after purchasing an additional 10,437 shares during the period. Tocqueville Asset Management L.P. grew its stake in Bank of America by 1.4% in the 4th quarter. Tocqueville Asset Management L.P. now owns 473,818 shares of the financial services provider’s stock worth $20,824,000 after acquiring an additional 6,769 shares in the last quarter. Flagship Wealth Advisors LLC bought a new position in Bank of America in the 4th quarter worth about $418,000. 1ST Source Bank grew its stake in Bank of America by 0.8% in the 4th quarter. 1ST Source Bank now owns 96,437 shares of the financial services provider’s stock worth $4,238,000 after acquiring an additional 783 shares in the last quarter. Finally, Cassady Schiller Wealth Management LLC grew its stake in Bank of America by 42.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 1,102 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 327 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.4 %

NYSE BAC opened at $41.47 on Tuesday. The company has a fifty day simple moving average of $45.11 and a two-hundred day simple moving average of $43.77. The stock has a market cap of $315.26 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. 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 (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business 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 posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Evercore ISI dropped their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Company 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.