Strategic Financial Concepts LLC Takes $5.75 Million Position in Bank of America Co. (NYSE:BAC)

Strategic Financial Concepts LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 130,842 shares of the financial services provider’s stock, valued at approximately $5,751,000.

Several other institutional investors have also modified their holdings of the business. Two Sigma Advisers LP lifted its position in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB lifted its holdings in Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after buying an additional 5,733,810 shares during the last quarter. KBC Group NV boosted its position in shares of Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.4 %

NYSE BAC opened at $46.98 on Monday. 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 has a market capitalization of $360.47 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.49 and a 52-week high of $48.08. The firm has a 50-day moving average price of $45.75 and a 200 day moving average price of $43.10.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

Several analysts have recently weighed in on BAC shares. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.