Carson Advisory Inc. Boosts Holdings in Bank of America Co. (NYSE:BAC)

Carson Advisory Inc. raised its stake in Bank of America Co. (NYSE:BAC) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,542 shares of the financial services provider’s stock after acquiring an additional 2,309 shares during the quarter. Bank of America makes up 1.7% of Carson Advisory Inc.’s holdings, making the stock its 13th biggest position. Carson Advisory Inc.’s holdings in Bank of America were worth $2,372,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of BAC. Ethos Financial Group LLC boosted its position in shares of Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares during the period. Auxano Advisors LLC increased its holdings in shares of Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. Kingswood Wealth Advisors LLC raised its position in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares in the last quarter. DiNuzzo Private Wealth Inc. bought a new stake in Bank of America during the fourth quarter valued at $105,000. Finally, Concord Wealth Partners grew its position in Bank of America by 10.2% during the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock worth $1,861,000 after buying an additional 5,103 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.7 %

NYSE BAC traded up $0.30 during trading hours on Wednesday, reaching $41.72. 25,289,703 shares of the company’s stock traded hands, compared to its average volume of 38,332,094. The firm has a market cap of $326.27 billion, a PE ratio of 14.44, a PEG ratio of 1.55 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $41.83. The firm has a 50-day simple moving average of $39.32 and a 200 day simple moving average of $36.48.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BAC shares. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Wells Fargo & Company upped their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.41.

Get Our Latest Analysis on Bank of America

About Bank of America

(Free Report)

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.

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

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