Blossom Wealth Management Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Blossom Wealth Management grew its holdings in Bank of America Co. (NYSE:BAC) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,407 shares of the financial services provider’s stock after acquiring an additional 305 shares during the period. Bank of America comprises approximately 1.5% of Blossom Wealth Management’s holdings, making the stock its 19th biggest holding. Blossom Wealth Management’s holdings in Bank of America were worth $765,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Dohj LLC boosted its position in shares of Bank of America by 2.6% in the fourth quarter. Dohj LLC now owns 53,316 shares of the financial services provider’s stock worth $2,343,000 after buying an additional 1,345 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in Bank of America by 36.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 34,576 shares of the financial services provider’s stock worth $1,520,000 after acquiring an additional 9,286 shares in the last quarter. Flagstone Financial Management purchased a new position in Bank of America in the 4th quarter worth approximately $213,000. Concord Wealth Partners boosted its holdings in Bank of America by 6.4% in the 4th quarter. Concord Wealth Partners now owns 30,145 shares of the financial services provider’s stock worth $1,325,000 after acquiring an additional 1,821 shares during the period. Finally, Concord Asset Management LLC VA grew its position in Bank of America by 9.2% in the fourth quarter. Concord Asset Management LLC VA now owns 17,326 shares of the financial services provider’s stock valued at $761,000 after acquiring an additional 1,458 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.25 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s 50-day moving average price is $45.83 and its two-hundred day moving average price is $42.79. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The stock has a market capitalization of $354.84 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is currently 32.30%.

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