TKG Advisors LLC Boosts Position in Bank of America Co. (NYSE:BAC)

TKG Advisors LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 73.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 49,709 shares of the financial services provider’s stock after acquiring an additional 21,085 shares during the period. Bank of America comprises about 1.1% of TKG Advisors LLC’s portfolio, making the stock its 29th largest holding. TKG Advisors LLC’s holdings in Bank of America were worth $2,312,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares in the last quarter. Sanders Capital LLC raised its position in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Bank of America by 1.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after purchasing an additional 285,117 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Evercore ISI dropped their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 1.1 %

Bank of America stock opened at $46.46 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.17 and a 12-month high of $48.08. The firm has a market capitalization of $356.51 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.27 and a beta of 1.33. The firm has a 50 day moving average of $45.79 and a 200 day moving average of $43.23.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The company’s revenue was up 15.0% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.