Global Strategic Investment Solutions LLC Makes New $209,000 Investment in Bank of America Co. (NYSE:BAC)

Global Strategic Investment Solutions LLC bought a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,760 shares of the financial services provider’s stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Swedbank AB lifted its position in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Bank of America by 1.3% during the third quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock valued at $5,801,000 after acquiring an additional 1,866 shares in the last quarter. Confluence Wealth Services Inc. raised its position in Bank of America by 4.8% during the third quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock valued at $833,000 after acquiring an additional 959 shares in the last quarter. Van ECK Associates Corp raised its position in Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after acquiring an additional 10,497 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in Bank of America by 24.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 9,397,955 shares of the financial services provider’s stock valued at $372,911,000 after acquiring an additional 1,816,804 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Evercore ISI lowered 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 research note on Friday, January 17th. Finally, HSBC upgraded shares of 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. 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’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 1.3 %

BAC opened at $45.51 on Tuesday. The company has a market capitalization of $346.09 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.21 and a beta of 1.33. The firm’s fifty day moving average price is $45.81 and its two-hundred day moving average price is $43.67. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 business’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.70 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.29%. Bank of America’s payout ratio is presently 32.30%.

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.