Axis Wealth Partners LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Axis Wealth Partners LLC bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 8,413 shares of the financial services provider’s stock, valued at approximately $370,000.

Several other institutional investors have also modified their holdings of BAC. Collier Financial purchased a new position in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the period. Kennebec Savings Bank acquired a new position in Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its position in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

BAC opened at $41.39 on Friday. 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 Co. has a one year low of $34.15 and a one year high of $48.08. The company has a market cap of $314.72 billion, a P/E ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.32. The business’s 50-day simple moving average is $45.61 and its 200-day simple moving average is $43.72.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company 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%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. As a group, equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid 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 2.51%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI lowered their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.64.

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.