First Business Financial Services Inc. Has $2.68 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

First Business Financial Services Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,947 shares of the financial services provider’s stock after buying an additional 1,715 shares during the quarter. First Business Financial Services Inc.’s holdings in Bank of America were worth $2,679,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Cullen Frost Bankers Inc. increased its position in Bank of America by 3.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 990,642 shares of the financial services provider’s stock worth $43,539,000 after buying an additional 29,015 shares during the last quarter. Arizona State Retirement System increased its position in Bank of America by 0.5% during 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 buying an additional 10,377 shares during the last quarter. Verdence Capital Advisors LLC increased its position in Bank of America by 0.6% during the fourth quarter. Verdence Capital Advisors LLC now owns 91,890 shares of the financial services provider’s stock worth $4,039,000 after buying an additional 513 shares during the last quarter. Proficio Capital Partners LLC increased its position in Bank of America by 65.3% during the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider’s stock worth $890,000 after buying an additional 7,999 shares during the last quarter. Finally, Seizert Capital Partners LLC increased its position in Bank of America by 9.2% during the fourth quarter. Seizert Capital Partners LLC now owns 946,976 shares of the financial services provider’s stock worth $41,620,000 after buying an additional 79,736 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC opened at $42.27 on Thursday. The company has a fifty day moving average price of $45.73 and a two-hundred day moving average price of $43.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The firm has a market capitalization of $321.46 billion, a PE ratio of 13.13, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

Several research firms have commented on BAC. Keefe, Bruyette & Woods increased their target price 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. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Finally, Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.