LM Advisors LLC Has $2.28 Million Stock Position in Bank of America Co. (NYSE:BAC)

LM Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 4.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 51,922 shares of the financial services provider’s stock after purchasing an additional 1,981 shares during the quarter. LM Advisors LLC’s holdings in Bank of America were worth $2,282,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Homestead Advisers Corp increased its holdings in Bank of America by 3.6% in the 4th quarter. Homestead Advisers Corp now owns 1,775,735 shares of the financial services provider’s stock valued at $78,044,000 after buying an additional 62,400 shares during the period. AssuredPartners Investment Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $4,170,000. NEOS Investment Management LLC increased its stake in Bank of America by 31.7% in the fourth quarter. NEOS Investment Management LLC now owns 371,723 shares of the financial services provider’s stock valued at $16,337,000 after acquiring an additional 89,507 shares during the period. UniSuper Management Pty Ltd raised its position in Bank of America by 8.2% in the fourth quarter. UniSuper Management Pty Ltd now owns 5,788,652 shares of the financial services provider’s stock worth $254,411,000 after purchasing an additional 440,474 shares in the last quarter. Finally, Moment Partners LLC bought a new position in Bank of America during the fourth quarter worth about $264,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Citigroup cut their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday. Finally, Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. One equities 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Trading Down 1.1 %

Shares of NYSE BAC opened at $42.81 on Thursday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The firm has a market capitalization of $325.45 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. 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’s 50 day simple moving average is $44.63 and its 200 day simple moving average is $43.86.

Bank of America (NYSE:BAC) last posted 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s payout ratio is currently 32.30%.

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.