MML Investors Services LLC Acquires 42,015 Shares of Bank of America Co. (NYSE:BAC)

MML Investors Services LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 6.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 706,046 shares of the financial services provider’s stock after acquiring an additional 42,015 shares during the quarter. MML Investors Services LLC’s holdings in Bank of America were worth $31,031,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc increased its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth approximately $29,000. Finally, Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Argus reduced their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Royal Bank of Canada reduced their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.43.

Bank of America Trading Up 0.3 %

Shares of Bank of America stock opened at $37.44 on Monday. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The stock has a market cap of $284.65 billion, a PE ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. The firm has a 50-day moving average of $41.27 and a 200-day moving average of $43.65. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current 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 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.