Tyche Wealth Partners LLC Acquires New Position in Bank of America Co. (NYSE:BAC)

Tyche Wealth Partners LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,195 shares of the financial services provider’s stock, valued at approximately $747,000.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Moneta Group Investment Advisors LLC increased its position in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares in the last quarter. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth $3,436,543,000. Northern Trust Corp increased its position in shares of Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Barclays PLC increased its position in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Evercore ISI raised their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Oppenheimer lowered their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. Finally, Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Hold” and a consensus price target of $38.29.

Bank of America Stock Performance

NYSE:BAC traded down $1.27 during mid-day trading on Wednesday, hitting $34.68. The stock had a trading volume of 95,566,094 shares, compared to its average volume of 35,278,272. The stock has a market capitalization of $273.65 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 1.64 and a beta of 1.39. The company has a 50 day simple moving average of $35.51 and a 200-day simple moving average of $32.19. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.77%. Bank of America’s payout ratio is 31.27%.

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.