Seven Mile Advisory Boosts Stake in Bank of America Co. (NYSE:BAC)

Seven Mile Advisory increased its stake in shares of Bank of America Co. (NYSE:BAC) by 16.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,811 shares of the financial services provider’s stock after purchasing an additional 2,104 shares during the quarter. Seven Mile Advisory’s holdings in Bank of America were worth $651,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System boosted its holdings in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH increased its holdings in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. UBS Group raised shares of 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. Keefe, Bruyette & Woods increased their price target 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. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Price Performance

BAC stock opened at $41.24 on Monday. The firm has a market capitalization of $313.50 billion, a PE ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. The firm has a 50-day moving average of $44.45 and a two-hundred day moving average of $43.93. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a one year low of $34.15 and a one 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 EPS 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 firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is presently 32.30%.

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.