TFB Advisors LLC Has $279,000 Position in Bank of America Co. (NYSE:BAC)

TFB Advisors LLC grew its stake in Bank of America Co. (NYSE:BAC) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,342 shares of the financial services provider’s stock after buying an additional 230 shares during the period. TFB Advisors LLC’s holdings in Bank of America were worth $279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. CX Institutional raised its stake in Bank of America by 5.3% during the third quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after buying an additional 1,667 shares during the last quarter. Wesbanco Bank Inc. raised its position in shares of Bank of America by 0.9% in the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after acquiring an additional 348 shares in the last quarter. Occidental Asset Management LLC raised its position in shares of Bank of America by 13.7% in the 3rd quarter. Occidental Asset Management LLC now owns 9,787 shares of the financial services provider’s stock worth $388,000 after acquiring an additional 1,183 shares in the last quarter. Swedbank AB boosted its position in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Finally, Lynch & Associates IN grew its stake in Bank of America by 0.6% during the third quarter. Lynch & Associates IN now owns 146,957 shares of the financial services provider’s stock worth $5,831,000 after purchasing an additional 906 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 1.2 %

BAC opened at $46.21 on Thursday. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The firm has a market capitalization of $354.56 billion, a P/E ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33. The company’s 50-day moving average is $45.77 and its 200 day moving average is $43.00. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced 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. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods increased their price objective 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. Finally, Evercore ISI decreased their target price on 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 investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

About Bank of America

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.