LVW Advisors LLC Has $1.60 Million Stake in Bank of America Co. (NYSE:BAC)

LVW Advisors LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 19.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 42,303 shares of the financial services provider’s stock after purchasing an additional 7,034 shares during the quarter. LVW Advisors LLC’s holdings in Bank of America were worth $1,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Sherbrooke Park Advisers LLC acquired a new stake in Bank of America during the 3rd quarter worth $410,000. Caisse DE Depot ET Placement DU Quebec increased its stake in Bank of America by 103.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,650,335 shares of the financial services provider’s stock worth $45,186,000 after purchasing an additional 839,635 shares in the last quarter. United Services Automobile Association raised its holdings in Bank of America by 11.1% during the 3rd quarter. United Services Automobile Association now owns 184,523 shares of the financial services provider’s stock worth $5,052,000 after buying an additional 18,504 shares during the period. Quadrature Capital Ltd boosted its holdings in shares of Bank of America by 25.0% in the third quarter. Quadrature Capital Ltd now owns 612,159 shares of the financial services provider’s stock valued at $16,761,000 after buying an additional 122,501 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Bank of America by 231.8% during the third quarter. AQR Capital Management LLC now owns 4,502,265 shares of the financial services provider’s stock worth $123,272,000 after acquiring an additional 3,145,432 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $39.77 on Monday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The stock has a market cap of $311.02 billion, a PE ratio of 13.76, a P/E/G ratio of 1.52 and a beta of 1.35. The firm has a 50-day moving average of $38.91 and a 200-day moving average of $36.12. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BAC shares. Oppenheimer increased their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $39.79.

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.