LM Advisors LLC Makes New $1.85 Million Investment in Bank of America Co. (NYSE:BAC)

LM Advisors LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,006 shares of the financial services provider’s stock, valued at approximately $1,852,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Ethos Financial Group LLC raised its position in shares of Bank of America by 6.2% in the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares during the period. Auxano Advisors LLC raised its holdings in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC grew its holdings in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC increased its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Bank of America during the 4th quarter worth $105,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. Piper Sandler increased their price target on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Oppenheimer upped their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Jefferies Financial Group increased their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $39.26.

Bank of America Stock Performance

Bank of America stock traded down $0.81 during mid-day trading on Tuesday, hitting $38.86. 44,344,844 shares of the company’s stock traded hands, compared to its average volume of 39,055,254. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.19. The stock has a market cap of $303.90 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 1.76 and a beta of 1.36. The firm has a 50 day simple moving average of $38.10 and a two-hundred day simple moving average of $35.31. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 EPS. On average, research analysts expect that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.47%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.