Investment Advisory Services Inc. TX ADV Has $1.85 Million Stake in Bank of America Co. (NYSE:BAC)

Investment Advisory Services Inc. TX ADV trimmed its position in Bank of America Co. (NYSE:BAC) by 7.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 42,131 shares of the financial services provider’s stock after selling 3,521 shares during the quarter. Investment Advisory Services Inc. TX ADV’s holdings in Bank of America were worth $1,852,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Accent Capital Management LLC raised its holdings in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments boosted its stake in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Clarendon Private LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $798,000. Finally, Baker Avenue Asset Management LP boosted its position in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Finally, Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $47.43 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock’s 50-day simple moving average is $45.77 and its two-hundred day simple moving average is $42.92. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a market capitalization of $363.89 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its 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. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS. Research analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.