Summit Asset Management LLC Has $1.49 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Summit Asset Management LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 33,785 shares of the financial services provider’s stock after buying an additional 1,000 shares during the quarter. Summit Asset Management LLC’s holdings in Bank of America were worth $1,485,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Collier Financial acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the 4th 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 in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 1.1 %

Shares of NYSE BAC opened at $44.80 on Friday. The firm’s 50-day moving average is $45.75 and its 200-day moving average is $43.37. Bank of America Co. has a 1 year low of $33.37 and a 1 year high of $48.08. The firm has a market capitalization of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. 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 (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. Equities analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America 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.