Shulman DeMeo Asset Management LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,221 shares of the financial services provider’s stock, valued at approximately $249,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Nuveen Asset Management LLC grew its holdings in Bank of America by 3.9% during the 3rd quarter. Nuveen Asset Management LLC now owns 45,825,367 shares of the financial services provider’s stock worth $1,103,934,000 after acquiring an additional 1,728,968 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Bank of America by 14.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 24,121,179 shares of the financial services provider’s stock worth $581,079,000 after acquiring an additional 3,066,800 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Bank of America by 3.0% during the 2nd quarter. Principal Financial Group Inc. now owns 12,090,504 shares of the financial services provider’s stock worth $287,150,000 after acquiring an additional 349,711 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in Bank of America by 11.4% during the 3rd quarter. Epoch Investment Partners Inc. now owns 8,755,169 shares of the financial services provider’s stock worth $210,912,000 after acquiring an additional 896,217 shares in the last quarter. Finally, King Luther Capital Management Corp grew its holdings in Bank of America by 0.8% during the 3rd quarter. King Luther Capital Management Corp now owns 7,667,965 shares of the financial services provider’s stock worth $184,721,000 after acquiring an additional 62,976 shares in the last quarter. 68.10% of the stock is currently owned by hedge funds and other institutional investors.

BAC stock opened at $33.46 on Thursday. Bank of America Co. has a 12 month low of $17.95 and a 12 month high of $35.67. The company has a market cap of $289.46 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 2.12 and a beta of 1.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day moving average price of $29.85 and a 200 day moving average price of $26.20.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The firm had revenue of $20.30 billion for the quarter, compared to analyst estimates of $20.88 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The company’s revenue was down 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. As a group, analysts anticipate that Bank of America Co. will post 1.81 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 24th. Shareholders of record on Friday, December 4th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Thursday, December 3rd. Bank of America’s dividend payout ratio is presently 24.49%.

BAC has been the subject of several analyst reports. Smith Barney Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating in a report on Monday. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “underweight” rating in a report on Monday, November 30th. Piper Sandler upped their target price on shares of Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $31.00 to $37.00 in a report on Monday. Finally, Daiwa Capital Markets assumed coverage on shares of Bank of America in a report on Wednesday, January 6th. They issued a “neutral” rating and a $31.00 target price for the company. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $31.31.

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

Read More: Dead Cat Bounce

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.