Intelligence Driven Advisers LLC Purchases Shares of 4,813 Bank of America Co. (NYSE:BAC)

Intelligence Driven Advisers LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,813 shares of the financial services provider’s stock, valued at approximately $212,000.

Other institutional investors have also recently made changes to their positions in the company. CX Institutional raised its stake in shares of Bank of America by 5.3% during the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after buying an additional 1,667 shares during the period. Wesbanco Bank Inc. increased its holdings in Bank of America by 0.9% in the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after acquiring an additional 348 shares in the last quarter. Occidental Asset Management LLC raised its position in Bank of America by 13.7% during the third quarter. Occidental Asset Management LLC now owns 9,787 shares of the financial services provider’s stock worth $388,000 after acquiring an additional 1,183 shares during the period. Swedbank AB lifted its holdings in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Finally, Lynch & Associates IN grew its position in shares of Bank of America by 0.6% in the third quarter. Lynch & Associates IN now owns 146,957 shares of the financial services provider’s stock valued at $5,831,000 after purchasing an additional 906 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BAC shares. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Morgan Stanley increased their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

NYSE:BAC opened at $46.21 on Thursday. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The stock’s fifty day moving average is $45.76 and its two-hundred day moving average is $43.02. The company has a market capitalization of $354.56 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.29 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. Equities analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America Company 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.