Naviter Wealth LLC Has $3.42 Million Holdings in Bank of America Co. (NYSE:BAC)

Naviter Wealth LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 14.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,874 shares of the financial services provider’s stock after purchasing an additional 10,126 shares during the period. Naviter Wealth LLC’s holdings in Bank of America were worth $3,423,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Swedbank AB increased 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 worth $279,441,000 after buying an additional 50,849 shares during the last quarter. Van ECK Associates Corp increased its holdings in Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after buying an additional 10,497 shares during the last quarter. Radnor Capital Management LLC increased its holdings in Bank of America by 75.1% during the third quarter. Radnor Capital Management LLC now owns 12,005 shares of the financial services provider’s stock worth $476,000 after buying an additional 5,150 shares during the last quarter. M&G PLC increased its holdings in Bank of America by 71.9% during the third quarter. M&G PLC now owns 586,779 shares of the financial services provider’s stock worth $23,471,000 after buying an additional 245,448 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2 %

Shares of Bank of America stock opened at $41.39 on Friday. The firm has a 50-day moving average of $45.61 and a 200-day moving average of $43.68. The stock has a market cap of $314.72 billion, a PE ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.51%. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

About Bank of America

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.