Worth Venture Partners LLC Invests $227,000 in Bank of America Corp (BAC)

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Worth Venture Partners LLC acquired a new stake in Bank of America Corp (NYSE:BAC) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,556 shares of the financial services provider’s stock, valued at approximately $227,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Abbrea Capital LLC increased its stake in shares of Bank of America by 2.6% during the fourth quarter. Abbrea Capital LLC now owns 61,950 shares of the financial services provider’s stock worth $1,829,000 after purchasing an additional 1,566 shares during the period. Brinker Capital Inc. increased its stake in shares of Bank of America by 3.5% during the first quarter. Brinker Capital Inc. now owns 48,885 shares of the financial services provider’s stock worth $1,466,000 after purchasing an additional 1,653 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in shares of Bank of America by 4.9% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 35,372 shares of the financial services provider’s stock worth $1,044,000 after purchasing an additional 1,660 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Bank of America by 15.9% during the fourth quarter. Proficio Capital Partners LLC now owns 12,126 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 1,667 shares during the period. Finally, Wetherby Asset Management Inc. increased its stake in shares of Bank of America by 1.1% during the fourth quarter. Wetherby Asset Management Inc. now owns 151,271 shares of the financial services provider’s stock worth $4,465,000 after purchasing an additional 1,694 shares during the period. 67.13% of the stock is owned by institutional investors.

A number of brokerages have recently weighed in on BAC. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $35.00 target price on shares of Bank of America in a research note on Thursday, April 5th. Vining Sparks began coverage on Bank of America in a research note on Monday, April 16th. They set a “buy” rating and a $35.00 target price on the stock. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $34.96 target price on the stock in a research note on Friday, March 23rd. Credit Suisse Group increased their target price on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, March 16th. Finally, Citigroup increased their target price on Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 24th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus price target of $32.13.

Bank of America stock opened at $29.90 on Wednesday. Bank of America Corp has a one year low of $22.73 and a one year high of $33.05. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market cap of $307.93 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 1.48 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. equities research analysts expect that Bank of America Corp will post 2.54 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, May 31st. Bank of America’s dividend payout ratio is presently 26.23%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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