Prudent Man Investment Management Inc. Invests $69,000 in Bank of America Co. (NYSE:BAC)

Prudent Man Investment Management Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,580 shares of the financial services provider’s stock, valued at approximately $69,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in 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 purchasing an additional 569,385 shares during the period. Algert Global LLC bought a new stake in shares of Bank of America in the third quarter valued at approximately $606,000. Fred Alger Management LLC grew its position in Bank of America by 1.8% during the third quarter. Fred Alger Management LLC now owns 190,337 shares of the financial services provider’s stock worth $7,553,000 after buying an additional 3,335 shares in the last quarter. Edgestream Partners L.P. increased its stake in Bank of America by 221.3% during the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock worth $823,000 after acquiring an additional 14,281 shares during the period. Finally, Encompass More Asset Management raised its holdings in Bank of America by 40.2% in the 3rd quarter. Encompass More Asset Management now owns 7,802 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 2,237 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley boosted their target price 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. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Down 3.1 %

Shares of NYSE:BAC opened at $41.24 on Monday. The business has a fifty day simple moving average of $44.45 and a 200 day simple moving average of $43.93. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The firm has a market cap of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) 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.