CVA Family Office LLC Takes Position in Bank of America Corp (NYSE:BAC)

CVA Family Office LLC acquired a new position in shares of Bank of America Corp (NYSE:BAC) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,230 shares of the financial services provider’s stock, valued at approximately $219,000.

Several other hedge funds also recently made changes to their positions in BAC. Wealthquest Corp acquired a new position in Bank of America in the fourth quarter worth about $202,000. Intact Investment Management Inc. raised its holdings in shares of Bank of America by 11.5% during the fourth quarter. Intact Investment Management Inc. now owns 396,400 shares of the financial services provider’s stock worth $13,953,000 after acquiring an additional 40,900 shares during the period. Great Lakes Retirement Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $2,411,000. Fosun International Ltd acquired a new stake in shares of Bank of America during the fourth quarter worth $286,000. Finally, Belpointe Asset Management LLC raised its holdings in shares of Bank of America by 45.4% during the fourth quarter. Belpointe Asset Management LLC now owns 55,920 shares of the financial services provider’s stock worth $1,969,000 after acquiring an additional 17,461 shares during the period. Institutional investors and hedge funds own 71.53% of the company’s stock.

BAC has been the topic of a number of research analyst reports. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Tuesday, January 21st. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective for the company in a report on Tuesday, March 17th. BMO Capital Markets downgraded Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 target price for the company. in a research note on Thursday, January 2nd. Credit Suisse Group boosted their price target on shares of Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Thursday, January 16th. Finally, Argus restated a “buy” rating and issued a $39.00 price objective (up from $35.00) on shares of Bank of America in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $34.16.

Bank of America stock traded up $0.73 on Wednesday, reaching $21.76. The company’s stock had a trading volume of 85,964,950 shares, compared to its average volume of 130,626,416. The business’s fifty day moving average price is $28.93 and its 200 day moving average price is $31.44. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $185.36 billion, a price-to-earnings ratio of 7.94, a PEG ratio of 0.88 and a beta of 1.63. Bank of America Corp has a twelve month low of $17.95 and a twelve month high of $35.72.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. The firm had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, equities analysts forecast that Bank of America Corp will post 2.92 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.31%. Bank of America’s payout ratio is presently 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Read More: Growth Stocks, What They Are, What They Are Not

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.