Prentice Wealth Management LLC Has $691,000 Stock Position in Bank of America Co. (NYSE:BAC)

Prentice Wealth Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 6.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,218 shares of the financial services provider’s stock after acquiring an additional 1,059 shares during the quarter. Prentice Wealth Management LLC’s holdings in Bank of America were worth $691,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $25,000. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the fourth quarter worth about $28,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth about $33,000. Finally, Mark Sheptoff Financial Planning LLC boosted its position in shares of Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BAC. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. JPMorgan Chase & Co. increased their target price on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.71 during midday trading on Wednesday, reaching $38.67. The company’s stock had a trading volume of 28,138,025 shares, compared to its average volume of 38,805,316. The firm has a market capitalization of $302.41 billion, a PE ratio of 13.37, a P/E/G ratio of 1.50 and a beta of 1.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a fifty day moving average of $38.71 and a 200 day moving average of $35.95. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.34.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.48%. Bank of America’s payout ratio is currently 33.22%.

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.