Bank of America Co. (NYSE:BAC) Shares Acquired by Entropy Technologies LP

Entropy Technologies LP increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 53.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 261,831 shares of the financial services provider’s stock after purchasing an additional 91,549 shares during the period. Bank of America makes up approximately 1.2% of Entropy Technologies LP’s holdings, making the stock its 6th largest position. Entropy Technologies LP’s holdings in Bank of America were worth $11,507,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Kennebec Savings Bank bought a new position in Bank of America during the third quarter valued at about $29,000. Highline Wealth Partners LLC increased its stake in 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 valued at $37,000 after acquiring an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new position in Bank of America during the fourth quarter valued at about $42,000. Northwest Investment Counselors LLC bought a new position in Bank of America during the third quarter valued at about $45,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in Bank of America during the fourth quarter valued at about $70,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

NYSE:BAC opened at $47.43 on Friday. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $363.89 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.29 and a beta of 1.33. The stock’s fifty day simple moving average is $45.77 and its 200-day simple moving average is $42.92.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

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. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

Several equities analysts recently issued reports on BAC shares. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Piper Sandler lowered their price objective on 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. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. 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 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.