Abel Hall LLC Grows Position in Bank of America Co. (NYSE:BAC)

Abel Hall LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, Holdings Channel reports. The firm owned 8,546 shares of the financial services provider’s stock after acquiring an additional 266 shares during the period. Abel Hall LLC’s holdings in Bank of America were worth $376,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BAC. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in Bank of America in the fourth quarter valued at $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the third quarter valued at about $45,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on BAC shares. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $46.74 on Thursday. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company has a 50-day simple moving average of $45.83 and a two-hundred day simple moving average of $42.70. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $358.59 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s payout ratio is currently 32.30%.

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.