Aire Advisors LLC Purchases 6,425 Shares of Bank of America Co. (NYSE:BAC)

Aire Advisors LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 14.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,825 shares of the financial services provider’s stock after purchasing an additional 6,425 shares during the quarter. Aire Advisors LLC’s holdings in Bank of America were worth $2,234,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Collier Financial bought a new position in Bank of America in the 4th quarter worth approximately $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Fairway Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $29,000. Highline Wealth Partners LLC boosted its stake in 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 period. Finally, Mascoma Wealth Management LLC grew its holdings in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after buying an additional 361 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley increased their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Price Performance

Shares of Bank of America stock opened at $43.09 on Tuesday. The firm has a market cap of $327.57 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company’s fifty day simple moving average is $44.77 and its two-hundred day simple moving average is $43.83. The company has a quick ratio of 0.78, a current 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.

Bank of America (NYSE:BAC) last released 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 EPS. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.