HM Payson & Co. Has $11.93 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

HM Payson & Co. lifted its stake in Bank of America Co. (NYSE:BAC) by 6.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 271,373 shares of the financial services provider’s stock after acquiring an additional 17,478 shares during the period. HM Payson & Co.’s holdings in Bank of America were worth $11,927,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Lederer & Associates Investment Counsel CA grew its stake in shares of Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares during the last quarter. Prossimo Advisors LLC lifted its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC lifted its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the period. Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC raised its holdings in shares of Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after buying an additional 226 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

Bank of America stock opened at $41.39 on Friday. The stock has a 50-day simple moving average of $45.61 and a 200 day simple moving average of $43.68. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $314.72 billion, a P/E ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.64.

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.