SVB Wealth LLC Invests $5.35 Million in Bank of America Co. (NYSE:BAC)

SVB Wealth LLC bought a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, Holdings Channel reports. The firm bought 121,650 shares of the financial services provider’s stock, valued at approximately $5,347,000.

A number of other large investors have also bought and sold shares of the business. Flputnam Investment Management Co. raised its position in Bank of America by 2.5% in the 4th quarter. Flputnam Investment Management Co. now owns 426,505 shares of the financial services provider’s stock valued at $18,745,000 after purchasing an additional 10,366 shares during the last quarter. Fortress Financial Group LLC bought a new position in shares of Bank of America in the fourth quarter valued at about $270,000. First American Bank lifted its position in Bank of America by 9.4% during the 4th quarter. First American Bank now owns 217,972 shares of the financial services provider’s stock worth $9,580,000 after buying an additional 18,782 shares in the last quarter. Hosking Partners LLP lifted its position in Bank of America by 4.5% during the 4th quarter. Hosking Partners LLP now owns 1,657,244 shares of the financial services provider’s stock worth $72,836,000 after buying an additional 72,122 shares in the last quarter. Finally, Argyle Capital Management LLC grew its holdings in Bank of America by 2.4% during the 4th quarter. Argyle Capital Management LLC now owns 92,892 shares of the financial services provider’s stock worth $4,083,000 after acquiring an additional 2,133 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

BAC opened at $46.19 on Friday. The stock has a market cap of $354.37 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12 month low of $34.03 and a 12 month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $45.78 and a 200 day simple moving average of $43.59.

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, 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 for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. On average, research 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. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.