AssuredPartners Investment Advisors LLC Purchases Shares of 94,871 Bank of America Co. (NYSE:BAC)

AssuredPartners Investment Advisors LLC acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 94,871 shares of the financial services provider’s stock, valued at approximately $4,170,000. Bank of America comprises 0.8% of AssuredPartners Investment Advisors LLC’s investment portfolio, making the stock its 29th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Principal Financial Group Inc. grew its position in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the period. Algert Global LLC purchased a new stake in shares of Bank of America in the third quarter worth about $606,000. Larson Financial Group LLC grew its holdings in Bank of America by 18.0% during the third quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock worth $412,000 after acquiring an additional 1,583 shares during the period. Harvest Fund Management Co. Ltd raised its position in Bank of America by 48.4% during the third quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 4,837 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new position in Bank of America in the third quarter valued at approximately $73,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.1 %

Shares of Bank of America stock opened at $42.81 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50 day simple moving average is $44.63 and its 200-day simple moving average is $43.86. The stock has a market cap of $325.45 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 2.43%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BAC shares. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Evercore ISI dropped their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Keefe, Bruyette & Woods upped 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. Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

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.