Forum Financial Management LP Boosts Holdings in Bank of America Co. (NYSE:BAC)

Forum Financial Management LP increased its holdings in Bank of America Co. (NYSE:BAC) by 11.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 104,062 shares of the financial services provider’s stock after purchasing an additional 10,482 shares during the period. Forum Financial Management LP’s holdings in Bank of America were worth $4,574,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in Bank of America in the 4th quarter worth $5,226,989,000. Amundi boosted its position in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares in the last quarter. Ontario Teachers Pension Plan Board raised its position in shares of Bank of America by 71,357.5% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider’s stock worth $379,411,000 after acquiring an additional 8,620,699 shares in the last quarter. Swedbank AB lifted its stake in shares of Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after purchasing an additional 5,733,810 shares during the period. Finally, KBC Group NV boosted its position in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after buying an additional 5,493,817 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. Argus reduced their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday. Cfra Research increased their price target on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup reduced their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

Bank of America Trading Up 0.3 %

Shares of NYSE BAC opened at $37.44 on Friday. The stock has a market capitalization of $284.65 billion, a P/E ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The business’s 50 day moving average is $41.46 and its two-hundred day moving average is $43.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 30.95%.

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.