POM Investment Strategies LLC Increases Stock Position in Bank of America Co. (NYSE:BAC)

POM Investment Strategies LLC boosted its position in Bank of America Co. (NYSE:BAC) by 1,306.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,083 shares of the financial services provider’s stock after acquiring an additional 1,006 shares during the period. POM Investment Strategies LLC’s holdings in Bank of America were worth $48,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Retirement Planning Group LLC grew its position in shares of Bank of America by 51.1% in the 3rd quarter. Retirement Planning Group LLC now owns 7,672 shares of the financial services provider’s stock worth $304,000 after buying an additional 2,596 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Bank of America by 30,139.3% in the third quarter. Exchange Traded Concepts LLC now owns 234,052 shares of the financial services provider’s stock worth $9,287,000 after acquiring an additional 233,278 shares during the period. Gilman Hill Asset Management LLC bought a new stake in Bank of America in the third quarter valued at $409,000. CVA Family Office LLC increased its position in Bank of America by 18.9% during the 3rd quarter. CVA Family Office LLC now owns 6,138 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 977 shares during the period. Finally, Sound Income Strategies LLC raised its holdings in Bank of America by 9.8% in the 3rd quarter. Sound Income Strategies LLC now owns 27,215 shares of the financial services provider’s stock worth $1,080,000 after purchasing an additional 2,436 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $46.65 on Tuesday. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The business’s fifty day simple moving average is $45.77 and its two-hundred day simple moving average is $42.93. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $357.91 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. 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 analysts’ expectations of $25.12 billion. During the same period last year, the firm posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Barclays lifted 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 note on Monday, January 6th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. 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 note on Tuesday, January 7th. Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Finally, 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 report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.