Diversified Enterprises LLC Has $1 Million Holdings in Bank of America Co. (NYSE:BAC)

Diversified Enterprises LLC grew its position in Bank of America Co. (NYSE:BAC) by 17.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,749 shares of the financial services provider’s stock after purchasing an additional 3,338 shares during the period. Diversified Enterprises LLC’s holdings in Bank of America were worth $1,000,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Swedbank AB increased its position in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Harbour Investments Inc. increased its holdings in shares of Bank of America by 3.5% during the 3rd quarter. Harbour Investments Inc. now owns 27,487 shares of the financial services provider’s stock valued at $1,091,000 after acquiring an additional 923 shares during the last quarter. GSA Capital Partners LLP increased its holdings in shares of Bank of America by 63.7% during the 3rd quarter. GSA Capital Partners LLP now owns 31,875 shares of the financial services provider’s stock valued at $1,265,000 after acquiring an additional 12,402 shares during the last quarter. Finally, MQS Management LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at about $322,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Price Performance

Bank of America stock opened at $40.97 on Friday. 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 company has a market capitalization of $311.45 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The business has a 50 day simple moving average of $45.19 and a 200 day simple moving average of $43.71.

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, beating 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 analysts’ expectations of $25.12 billion. During the same period last 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 forecast that Bank of America Co. will post 3.7 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. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio is 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.