American Financial Advisors LLC Takes $330,000 Position in Bank of America Co. (NYSE:BAC)

American Financial Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 9,814 shares of the financial services provider’s stock, valued at approximately $330,000.

A number of other hedge funds have also modified their holdings of the company. Bigelow Investment Advisors LLC grew its holdings in Bank of America by 4.1% during the fourth quarter. Bigelow Investment Advisors LLC now owns 20,840 shares of the financial services provider’s stock worth $702,000 after acquiring an additional 813 shares during the period. Resonant Capital Advisors LLC grew its holdings in Bank of America by 25.4% during the fourth quarter. Resonant Capital Advisors LLC now owns 9,923 shares of the financial services provider’s stock worth $334,000 after acquiring an additional 2,009 shares during the period. Zhang Financial LLC acquired a new stake in Bank of America during the fourth quarter worth about $287,000. HTLF Bank acquired a new stake in Bank of America during the fourth quarter worth about $569,000. Finally, Xponance Inc. grew its holdings in Bank of America by 6.3% during the fourth quarter. Xponance Inc. now owns 937,428 shares of the financial services provider’s stock worth $31,563,000 after acquiring an additional 55,839 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday. Finally, Jefferies Financial Group raised their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Price Performance

Shares of NYSE BAC traded up $1.20 during midday trading on Friday, hitting $36.97. The stock had a trading volume of 56,242,939 shares, compared to its average volume of 41,782,625. The company has a market capitalization of $291.72 billion, a PE ratio of 12.81, a P/E/G ratio of 1.59 and a beta of 1.39. The stock has a 50 day simple moving average of $35.61 and a 200-day simple moving average of $32.24. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the business posted $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.16 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Bank of America’s payout ratio is 33.22%.

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.