NEOS Investment Management LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

NEOS Investment Management LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 31.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 371,723 shares of the financial services provider’s stock after purchasing an additional 89,507 shares during the quarter. NEOS Investment Management LLC’s holdings in Bank of America were worth $16,337,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Graney & King LLC acquired a new position in Bank of America in the 4th quarter worth approximately $25,000. Collier Financial purchased a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC lifted its position in Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 1.1 %

Shares of BAC opened at $42.81 on Thursday. The stock has a 50 day moving average price of $44.63 and a 200 day moving average price of $43.86. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. 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 $325.45 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BAC shares. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.45.

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.