Metis Global Partners LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Metis Global Partners LLC boosted its position in Bank of America Co. (NYSE:BAC) by 13.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 338,292 shares of the financial services provider’s stock after purchasing an additional 39,485 shares during the period. Metis Global Partners LLC’s holdings in Bank of America were worth $11,390,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Fortis Group Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth $25,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Criterion Capital Advisors LLC purchased a new stake in Bank of America during the 4th quarter valued at about $32,000. ZRC Wealth Management LLC grew its position in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its stake in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. BMO Capital Markets increased their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Evercore ISI raised their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. HSBC restated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.70.

Bank of America Stock Up 1.0 %

BAC traded up $0.37 during midday trading on Friday, reaching $37.25. The company’s stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The stock’s 50-day moving average is $36.46 and its 200-day moving average is $33.16. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The firm has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 EPS. As a group, research analysts expect that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. Bank of America’s payout ratio is presently 33.22%.

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