Envestnet Portfolio Solutions Inc. Increases Stake in Bank of America Co. (NYSE:BAC)

Envestnet Portfolio Solutions Inc. increased its position in shares of Bank of America Co. (NYSE:BAC) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 527,190 shares of the financial services provider’s stock after buying an additional 13,223 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Bank of America were worth $23,170,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Swedbank AB raised its holdings in shares of Bank of America by 0.7% in 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. Principal Financial Group Inc. raised its stake in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after buying an additional 569,385 shares in the last quarter. Empowered Funds LLC lifted its holdings in Bank of America by 10.4% during the 3rd quarter. Empowered Funds LLC now owns 249,733 shares of the financial services provider’s stock worth $9,909,000 after buying an additional 23,617 shares during the last quarter. Natixis Advisors LLC boosted its position in shares of Bank of America by 3.2% during the 3rd quarter. Natixis Advisors LLC now owns 5,393,543 shares of the financial services provider’s stock worth $214,016,000 after acquiring an additional 165,088 shares in the last quarter. Finally, LJI Wealth Management LLC increased its holdings in shares of Bank of America by 1.1% in the 3rd quarter. LJI Wealth Management LLC now owns 55,235 shares of the financial services provider’s stock valued at $2,192,000 after acquiring an additional 593 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 3.3 %

Shares of Bank of America stock opened at $40.97 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 has a market cap of $311.45 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company’s 50-day simple moving average is $45.19 and its 200-day simple moving average is $43.74.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts anticipate 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Oppenheimer boosted 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. Piper Sandler dropped their price objective 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. Finally, Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.