Allied Investment Advisors LLC Has $12.94 Million Stock Position in Bank of America Co. (NYSE:BAC)

Allied Investment Advisors LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 0.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 294,442 shares of the financial services provider’s stock after selling 1,213 shares during the quarter. Bank of America accounts for approximately 2.6% of Allied Investment Advisors LLC’s portfolio, making the stock its 11th biggest holding. Allied Investment Advisors LLC’s holdings in Bank of America were worth $12,941,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC raised its position in shares of Bank of America by 152.7% in 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 in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.46 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock’s fifty day simple moving average is $45.79 and its two-hundred day simple moving average is $43.23. Bank of America Co. has a 1-year low of $33.17 and a 1-year high of $48.08. The stock has a market cap of $356.51 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm 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 company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BAC shares. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.