GSA Capital Partners LLP Takes $1.28 Million Position in Bank of America Co. (NYSE:BAC)

GSA Capital Partners LLP acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 28,835 shares of the financial services provider’s stock, valued at approximately $1,283,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. New Millennium Group LLC purchased a new stake in Bank of America in the 4th quarter worth $1,796,000. Alerus Financial NA grew its holdings in Bank of America by 17.1% during the 4th quarter. Alerus Financial NA now owns 243,125 shares of the financial services provider’s stock valued at $10,817,000 after purchasing an additional 35,590 shares during the last quarter. Bell Investment Advisors Inc grew its holdings in Bank of America by 26.3% during the 4th quarter. Bell Investment Advisors Inc now owns 1,518 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 316 shares during the last quarter. Myriad Asset Management Ltd. grew its holdings in Bank of America by 2.7% during the 4th quarter. Myriad Asset Management Ltd. now owns 504,312 shares of the financial services provider’s stock valued at $22,437,000 after purchasing an additional 13,400 shares during the last quarter. Finally, Glassman Wealth Services grew its holdings in Bank of America by 13.1% during the 4th quarter. Glassman Wealth Services now owns 22,304 shares of the financial services provider’s stock valued at $992,000 after purchasing an additional 2,582 shares during the last quarter. Institutional investors own 70.46% of the company’s stock.

Shares of NYSE:BAC traded down $0.16 during trading on Wednesday, hitting $35.49. 886,109 shares of the company were exchanged, compared to its average volume of 54,500,121. The stock has a market capitalization of $285.94 billion, a P/E ratio of 10.19, a PEG ratio of 1.48 and a beta of 1.39. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a 12-month low of $32.96 and a 12-month high of $50.11. The firm’s 50 day moving average price is $38.75 and its 200-day moving average price is $43.12.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.79 by $0.01. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The firm had revenue of $23.20 billion during the quarter, compared to the consensus estimate of $23.09 billion. During the same quarter in the prior year, the firm earned $0.86 EPS. Bank of America’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.32 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 3rd will be paid a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.37%. Bank of America’s dividend payout ratio (DPR) is presently 24.00%.

Several brokerages have recently weighed in on BAC. Oppenheimer lowered their price target on shares of Bank of America from $52.00 to $50.00 in a research report on Tuesday, May 3rd. Piper Sandler cut their price objective on shares of Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. StockNews.com began coverage on shares of Bank of America in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $52.50 to $53.50 in a research report on Thursday, February 3rd. Finally, Morgan Stanley upgraded shares of Bank of America from an “underweight” rating to an “equal weight” rating and dropped their price target for the company from $51.00 to $49.00 in a research report on Monday, March 28th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Buy” and a consensus target price of $50.41.

Bank of America Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Further Reading

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

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