Palacios Wealth Management LLC Purchases Shares of 5,462 Bank of America Co. (NYSE:BAC)

Palacios Wealth Management LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,462 shares of the financial services provider’s stock, valued at approximately $258,000.

Several other large investors have also recently modified their holdings of the stock. Lederer & Associates Investment Counsel CA lifted its stake in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Marino Stram & Associates LLC grew its stake in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the last quarter. Keudell Morrison Wealth Management raised its holdings in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after buying an additional 223 shares during the period. Traveka Wealth LLC lifted its stake in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the last quarter. Finally, Consolidated Planning Corp boosted its holdings in Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 226 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $46.32 on Friday. The stock’s 50-day moving average is $45.76 and its 200 day moving average is $43.02. Bank of America Co. has a 1-year low of $32.49 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $355.40 billion, a P/E ratio of 14.38, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the business earned $0.70 EPS. Research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BAC shares. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley raised 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 research report on Friday, January 17th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.58.

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.