LifeWealth Investments LLC Grows Position in Bank of America Corporation (NYSE:BAC)

LifeWealth Investments LLC raised its position in Bank of America Corporation (NYSE:BAC) by 93.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,348 shares of the financial services provider’s stock after acquiring an additional 4,526 shares during the quarter. LifeWealth Investments LLC’s holdings in Bank of America were worth $390,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter worth about $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the 4th quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Barclays reduced their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $47.69.

Bank of America Stock Performance

NYSE:BAC opened at $44.22 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a market cap of $333.08 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The firm’s fifty day moving average price is $41.83 and its 200 day moving average price is $43.34. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

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.