HMV Wealth Advisors LLC Invests $217,000 in Bank of America Co. (NYSE:BAC)

HMV Wealth Advisors LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, Holdings Channel reports. The institutional investor bought 4,947 shares of the financial services provider’s stock, valued at approximately $217,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Collier Financial purchased a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter worth approximately $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Mascoma Wealth Management LLC grew its stake 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 worth $39,000 after buying an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Stock Performance

NYSE BAC opened at $40.97 on Friday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The stock has a market cap of $311.45 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business has a fifty day moving average of $45.19 and a 200-day moving average of $43.71. 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 (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share 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. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is 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.