Acute Investment Advisory LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

Acute Investment Advisory LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 10.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,175 shares of the financial services provider’s stock after buying an additional 762 shares during the period. Bank of America comprises about 0.2% of Acute Investment Advisory LLC’s holdings, making the stock its 13th biggest position. Acute Investment Advisory LLC’s holdings in Bank of America were worth $275,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Fortis Group Advisors LLC purchased a new position in shares of Bank of America in the third quarter worth about $25,000. Castleview Partners LLC purchased a new position in shares of Bank of America in the first quarter worth about $28,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. ZRC Wealth Management LLC increased its stake in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners purchased a new position in shares of Bank of America in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BAC shares. Evercore ISI raised their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. BMO Capital Markets cut their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Jefferies Financial Group raised 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. Finally, Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.29.

Bank of America Price Performance

Bank of America stock traded down $1.27 during mid-day trading on Wednesday, hitting $34.68. 95,566,094 shares of the company traded hands, compared to its average volume of 35,278,272. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35. The stock has a market cap of $273.65 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a fifty day moving average price of $35.51 and a 200-day moving average price of $32.19.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.77%. Bank of America’s payout ratio is 31.27%.

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.