Bank of America Co. (NYSE:BAC) Shares Acquired by Summit Wealth & Retirement Planning Inc.

Summit Wealth & Retirement Planning Inc. raised its stake in shares of Bank of America Co. (NYSE:BAC) by 7.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,218 shares of the financial services provider’s stock after purchasing an additional 945 shares during the period. Summit Wealth & Retirement Planning Inc.’s holdings in Bank of America were worth $625,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Entropy Technologies LP grew its stake in Bank of America by 53.8% during the 4th quarter. Entropy Technologies LP now owns 261,831 shares of the financial services provider’s stock valued at $11,507,000 after acquiring an additional 91,549 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Bank of America by 5.2% in the 4th quarter. Empowered Funds LLC now owns 262,694 shares of the financial services provider’s stock valued at $11,545,000 after buying an additional 12,961 shares during the period. Forbes J M & Co. LLP lifted its holdings in Bank of America by 0.4% in the fourth quarter. Forbes J M & Co. LLP now owns 437,909 shares of the financial services provider’s stock valued at $19,246,000 after acquiring an additional 1,672 shares during the last quarter. D Orazio & Associates Inc. increased its stake in Bank of America by 10.4% during the fourth quarter. D Orazio & Associates Inc. now owns 6,775 shares of the financial services provider’s stock worth $298,000 after acquiring an additional 639 shares during the last quarter. Finally, Kingsview Wealth Management LLC lifted its stake in shares of Bank of America by 1.5% in the 4th quarter. Kingsview Wealth Management LLC now owns 113,980 shares of the financial services provider’s stock valued at $5,009,000 after purchasing an additional 1,719 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Barclays increased their price target 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.7 %

Bank of America stock opened at $47.43 on Friday. The stock has a 50-day simple moving average of $45.77 and a 200-day simple moving average of $42.92. The company has a market capitalization of $363.89 billion, a P/E ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its 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 for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. Equities research analysts expect that Bank of America Co. will post 3.69 earnings per share 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 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.