Signaturefd LLC Has $7.33 Million Stake in Bank of America Co. (NYSE:BAC)

Signaturefd LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 166,691 shares of the financial services provider’s stock after buying an additional 2,413 shares during the period. Signaturefd LLC’s holdings in Bank of America were worth $7,326,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BAC. Lederer & Associates Investment Counsel CA grew its holdings in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares in the last quarter. Avalon Trust Co grew its stake in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC increased its holdings in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC raised its position in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on BAC shares. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note 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 research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Performance

NYSE:BAC opened at $40.97 on Monday. 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 Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a 50 day simple moving average of $45.19 and a two-hundred day simple moving average of $43.76. The company has a market capitalization of $311.45 billion, a PE ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio is currently 32.30%.

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.