Saxon Interests Inc. Invests $260,000 in Bank of America Co. (NYSE:BAC)

Saxon Interests Inc. bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,733 shares of the financial services provider’s stock, valued at approximately $260,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter worth approximately $25,000. Castleview Partners LLC purchased a new position in Bank of America during the 1st quarter worth $28,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the last quarter. ZRC Wealth Management LLC boosted its stake in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the period. Finally, Live Oak Investment Partners purchased a new position in shares of Bank of America during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Barclays lifted their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, HSBC reiterated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.15.

Bank of America Price Performance

Shares of BAC stock traded up $0.11 during mid-day trading on Thursday, reaching $37.92. The stock had a trading volume of 42,116,296 shares, compared to its average volume of 41,135,176. The company has a market cap of $299.21 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 1.70 and a beta of 1.38. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.00. The business has a 50-day simple moving average of $34.47 and a 200 day simple moving average of $31.31. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same quarter in the previous year, the business posted $0.85 earnings per share. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a $0.24 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s dividend payout ratio is currently 31.27%.

Bank of America Company 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.