Forum Financial Management LP Has $4.57 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Forum Financial Management LP lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 11.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 104,062 shares of the financial services provider’s stock after buying 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.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Graney & King LLC acquired a new position in Bank of America during the fourth quarter worth $25,000. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the 4th quarter valued at approximately $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the 4th quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the 4th quarter worth approximately $31,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BAC shares. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Finally, 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Bank of America stock opened at $43.20 on Friday. The business’s fifty day moving average is $40.34 and its two-hundred day moving average is $43.61. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $325.38 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.