Flputnam Investment Management Co. Increases Stock Position in Bank of America Co. (NYSE:BAC)

Flputnam Investment Management Co. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 426,505 shares of the financial services provider’s stock after buying an additional 10,366 shares during the quarter. Flputnam Investment Management Co.’s holdings in Bank of America were worth $18,745,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Accent Capital Management LLC raised its position in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments grew its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC raised its holdings in Bank of America by 1.2% in the third 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. Clarendon Private LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at about $798,000. Finally, Baker Avenue Asset Management LP boosted its holdings in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 4.7 %

NYSE BAC opened at $46.19 on Friday. Bank of America Co. has a 1 year low of $34.03 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $354.37 billion, a PE ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a fifty day moving average of $45.78 and a 200 day moving average of $43.56.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 EPS. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Wells Fargo & Company upped their target price 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, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.