Bank of America Co. (NYSE:BAC) Shares Purchased by Advanced Portfolio Management LLC

Advanced Portfolio Management LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 256.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,194 shares of the financial services provider’s stock after acquiring an additional 19,560 shares during the period. Bank of America accounts for approximately 1.5% of Advanced Portfolio Management LLC’s holdings, making the stock its 26th biggest position. Advanced Portfolio Management LLC’s holdings in Bank of America were worth $1,259,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Collier Financial acquired a new position in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $41.08 on Friday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $40.01 and its two-hundred day moving average is $43.52. The firm has a market cap of $312.32 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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, topping analysts’ consensus estimates 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 firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reduced their price objective on 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. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, Argus decreased their price objective 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, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.25.

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.