Portfolio Design Labs LLC Buys 23,367 Shares of Bank of America Co. (NYSE:BAC)

Portfolio Design Labs LLC grew its stake in Bank of America Co. (NYSE:BAC) by 19.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 142,354 shares of the financial services provider’s stock after acquiring an additional 23,367 shares during the period. Bank of America accounts for about 1.3% of Portfolio Design Labs LLC’s investment portfolio, making the stock its 14th biggest position. Portfolio Design Labs LLC’s holdings in Bank of America were worth $6,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Collier Financial acquired a new stake in Bank of America in the fourth quarter worth about $25,000. Kennebec Savings Bank bought a new position in shares of Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the fourth quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the third quarter valued at approximately $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3 %

BAC stock opened at $46.80 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The business has a 50-day moving average of $45.77 and a 200-day moving average of $42.96.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

A number of research firms have commented on BAC. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley increased their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.58.

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.