Evoke Wealth LLC Purchases 2,247 Shares of Bank of America Co. (NYSE:BAC)

Evoke Wealth LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 7.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,772 shares of the financial services provider’s stock after purchasing an additional 2,247 shares during the period. Evoke Wealth LLC’s holdings in Bank of America were worth $1,036,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BAC. Rossmore Private Capital lifted its stake in Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC lifted its stake in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group lifted its stake in Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares during the last quarter. Private Ocean LLC increased its position in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. Finally, Selective Wealth Management Inc. increased its position in shares of Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Oppenheimer boosted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Jefferies Financial Group boosted their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Wolfe Research upgraded shares of 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. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.70.

Bank of America Trading Up 3.6 %

Shares of NYSE BAC opened at $40.02 on Friday. The firm’s 50 day moving average price is $37.80 and its 200-day moving average price is $34.74. The company has a market cap of $312.97 billion, a PE ratio of 13.85, a P/E/G ratio of 1.71 and a beta of 1.37. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.08. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, equities research analysts expect that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. Bank of America’s dividend payout ratio is presently 33.22%.

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.