HM Payson & Co. raised its stake in shares of Bank of America Corp (NYSE:BAC) by 6.0% in the 4th quarter, Holdings Channel reports. The firm owned 1,071,473 shares of the financial services provider’s stock after purchasing an additional 60,432 shares during the quarter. HM Payson & Co.’s holdings in Bank of America were worth $37,737,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Brinker Capital Inc. raised its position in shares of Bank of America by 49.2% in the 4th quarter. Brinker Capital Inc. now owns 13,295 shares of the financial services provider’s stock worth $468,000 after acquiring an additional 4,385 shares in the last quarter. CVA Family Office LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $219,000. Wealthquest Corp acquired a new stake in shares of Bank of America in the 4th quarter valued at about $202,000. Intact Investment Management Inc. grew its stake in shares of Bank of America by 11.5% in the 4th quarter. Intact Investment Management Inc. now owns 396,400 shares of the financial services provider’s stock valued at $13,953,000 after buying an additional 40,900 shares during the period. Finally, Great Lakes Retirement Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at about $2,411,000. 71.53% of the stock is owned by institutional investors and hedge funds.

BAC has been the subject of several research reports. Wolfe Research downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Credit Suisse Group raised their target price on Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. Morgan Stanley reduced their target price on Bank of America from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, March 2nd. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a research note on Tuesday, March 17th. Finally, Citigroup reduced their target price on Bank of America from $37.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, March 10th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $34.16.

Shares of NYSE BAC traded up $0.96 during midday trading on Thursday, reaching $22.06. The company’s stock had a trading volume of 27,329,042 shares, compared to its average volume of 133,441,200. Bank of America Corp has a 12-month low of $17.95 and a 12-month high of $35.72. The firm has a 50 day moving average price of $28.69 and a 200-day moving average price of $31.41. The stock has a market capitalization of $192.82 billion, a P/E ratio of 8.05, a PEG ratio of 1.03 and a beta of 1.63. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The firm had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $22.30 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The company’s revenue was down 1.8% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corp will post 2.92 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a $0.18 dividend. The ex-dividend date is Thursday, March 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.26%. Bank of America’s payout ratio is presently 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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