Riversedge Advisors LLC Buys 1,447 Shares of Bank of America Co. (NYSE:BAC)

Riversedge Advisors LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 14.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,543 shares of the financial services provider’s stock after acquiring an additional 1,447 shares during the quarter. Riversedge Advisors LLC’s holdings in Bank of America were worth $389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Moneta Group Investment Advisors LLC lifted its stake in Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at about $3,436,543,000. Barclays PLC raised its holdings in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Snider Financial Group boosted its holdings in shares of Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Bank of America by 3,474.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after buying an additional 11,332,721 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.7 %

Bank of America stock opened at $37.11 on Wednesday. The firm has a market cap of $292.82 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.38. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.61. The business’s 50-day moving average price is $34.25 and its 200 day moving average price is $31.20. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same quarter in the previous year, the company earned $0.85 earnings per share. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.12 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 29th. Investors of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s dividend payout ratio is currently 31.27%.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. The Goldman Sachs Group upped their target price on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Oppenheimer lowered their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. Finally, Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.65.

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.