Bank of America (BAC) Position Raised by Lyell Wealth Management LP

Lyell Wealth Management LP increased its stake in Bank of America (NYSE:BAC) by 1.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 168,600 shares of the financial services provider’s stock after acquiring an additional 2,640 shares during the quarter. Bank of America makes up about 1.9% of Lyell Wealth Management LP’s portfolio, making the stock its 13th biggest holding. Lyell Wealth Management LP’s holdings in Bank of America were worth $5,056,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Burt Wealth Advisors grew its holdings in shares of Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares in the last quarter. HWG Holdings LP purchased a new stake in shares of Bank of America during the third quarter worth $116,000. Avestar Capital LLC purchased a new stake in shares of Bank of America during the fourth quarter worth $135,000. Gradient Investments LLC purchased a new stake in shares of Bank of America during the fourth quarter worth $150,000. Finally, Taylor Hoffman Wealth Management purchased a new stake in shares of Bank of America during the fourth quarter worth $151,000. 69.87% of the stock is owned by institutional investors.

NYSE BAC opened at $30.26 on Friday. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market capitalization of $309.97 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.04 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. Bank of America’s revenue for the quarter was up 4.1% compared to the same quarter last year. analysts predict that Bank of America will post 2.55 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. Bank of America’s payout ratio is currently 26.23%.

A number of equities research analysts have recently issued reports on the stock. Barclays upped their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 17th. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price for the company. in a report on Monday, March 12th. Vining Sparks assumed coverage on shares of Bank of America in a report on Monday, April 16th. They set a “buy” rating and a $35.00 target price for the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $35.00 target price on shares of Bank of America in a report on Thursday, April 5th. Finally, Morgan Stanley upped their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Nine research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Bank of America currently has a consensus rating of “Buy” and an average price target of $32.13.

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

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.



Leave a Reply