Adell Harriman & Carpenter Inc. Raises Stock Position in Bank of America Co. (NYSE:BAC)

Adell Harriman & Carpenter Inc. lifted its stake in Bank of America Co. (NYSE:BAC) by 4.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 47,131 shares of the financial services provider’s stock after acquiring an additional 2,176 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Bank of America were worth $2,071,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC grew its stake in Bank of America by 4.0% during the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after buying an additional 1,731,003 shares during the last quarter. Sanders Capital LLC increased its position in Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Bank of America by 1.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after acquiring an additional 285,117 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4 %

Shares of BAC opened at $46.98 on Friday. Bank of America Co. has a twelve month low of $32.49 and a twelve month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. The firm’s 50-day moving average is $45.75 and its two-hundred day moving average is $43.05.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for 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 company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 EPS. On average, research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

Several analysts recently commented on BAC shares. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Piper Sandler reduced their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.