Seven Mile Advisory Purchases 2,104 Shares of Bank of America Co. (NYSE:BAC)

Seven Mile Advisory increased its position in shares of Bank of America Co. (NYSE:BAC) by 16.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,811 shares of the financial services provider’s stock after buying an additional 2,104 shares during the period. Seven Mile Advisory’s holdings in Bank of America were worth $651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at about $5,226,989,000. Amundi grew its position in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the last quarter. Two Sigma Advisers LP increased its position in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. Swedbank AB boosted its holdings in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 3.1 %

BAC stock opened at $41.24 on Monday. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a market cap of $313.50 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a fifty day moving average price of $44.45 and a 200 day moving average price of $43.93. 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 released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The company 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 firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 EPS. Sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Morgan Stanley boosted 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.45.

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.