Wealthfront Inc. Increases Holdings in Bank of America (BAC)

Wealthfront Inc. raised its holdings in shares of Bank of America (NYSE:BAC) by 5.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 503,392 shares of the financial services provider’s stock after buying an additional 25,141 shares during the period. Bank of America comprises 0.2% of Wealthfront Inc.’s portfolio, making the stock its 29th largest holding. Wealthfront Inc.’s holdings in Bank of America were worth $15,097,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BAC. Sound Shore Management Inc. CT increased its stake in shares of Bank of America by 12.1% in the third quarter. Sound Shore Management Inc. CT now owns 10,121,051 shares of the financial services provider’s stock worth $256,467,000 after purchasing an additional 1,092,839 shares in the last quarter. Assetmark Inc. increased its stake in shares of Bank of America by 1,092.4% in the third quarter. Assetmark Inc. now owns 470,044 shares of the financial services provider’s stock worth $11,911,000 after purchasing an additional 430,624 shares in the last quarter. Brighton Jones LLC increased its stake in shares of Bank of America by 13.5% in the third quarter. Brighton Jones LLC now owns 61,611 shares of the financial services provider’s stock worth $1,561,000 after purchasing an additional 7,338 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bank of America by 23.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,701,390 shares of the financial services provider’s stock worth $93,793,000 after purchasing an additional 691,548 shares in the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Bank of America by 3.9% in the third quarter. D.A. Davidson & CO. now owns 236,520 shares of the financial services provider’s stock worth $5,993,000 after purchasing an additional 8,965 shares in the last quarter. 67.22% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently weighed in on BAC shares. Credit Suisse Group upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, March 16th. Citigroup upped their target price on shares of Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 24th. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 target price for the company in a research report on Thursday, March 1st. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Jefferies Group restated a “buy” rating and set a $34.00 target price on shares of Bank of America in a research report on Tuesday, April 17th. Nine equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $32.13.

Bank of America opened at $30.89 on Wednesday, MarketBeat Ratings reports. The stock has a market capitalization of $312.94 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.50 and a beta of 1.37. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.55%. The ex-dividend date is Thursday, May 31st. Bank of America’s dividend payout ratio is presently 26.23%.

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)

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