Waverly Advisors LLC Purchases 61,347 Shares of Bank of America Co. (NYSE:BAC)

Waverly Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 28.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 278,666 shares of the financial services provider’s stock after acquiring an additional 61,347 shares during the period. Waverly Advisors LLC’s holdings in Bank of America were worth $12,247,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC bought a new stake in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the 4th quarter worth approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the 4th quarter worth approximately $31,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BAC shares. Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. UBS Group lifted their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. TD Cowen started coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. Finally, Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Down 0.3%

BAC opened at $44.62 on Wednesday. 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 fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm’s fifty day moving average is $40.23 and its 200 day moving average is $43.59. The stock has a market cap of $336.07 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Bank of America 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.