RFG Bristol Wealth Advisors LLC Acquires New Holdings in Bank of America Co. (NYSE:BAC)

RFG Bristol Wealth Advisors LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 22,180 shares of the financial services provider’s stock, valued at approximately $975,000.

A number of other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake 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 purchasing an additional 569,385 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in Bank of America by 221.3% during the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock valued at $823,000 after acquiring an additional 14,281 shares during the period. Benjamin Edwards Inc. grew its position in Bank of America by 3,007.7% in the 3rd quarter. Benjamin Edwards Inc. now owns 108,148 shares of the financial services provider’s stock valued at $4,291,000 after acquiring an additional 104,668 shares in the last quarter. Beacon Investment Advisory Services Inc. increased its stake in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the period. Finally, Hilltop Holdings Inc. lifted its position in shares of Bank of America by 41.8% during the third quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock worth $1,977,000 after purchasing an additional 14,674 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Finally, Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Price Performance

Shares of BAC opened at $41.49 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The stock has a market cap of $315.42 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The firm has a fifty day moving average price of $44.25 and a 200 day moving average price of $43.97.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. As a group, sell-side analysts anticipate 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 was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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