Xponance Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Xponance Inc. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 937,428 shares of the financial services provider’s stock after purchasing an additional 55,839 shares during the quarter. Xponance Inc.’s holdings in Bank of America were worth $31,563,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the 3rd quarter worth about $25,000. Castleview Partners LLC acquired a new stake in Bank of America in the 1st quarter valued at about $28,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares in the last quarter. ZRC Wealth Management LLC raised its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners acquired a new stake in Bank of America in the 4th quarter valued at about $39,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BAC. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods raised their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Hold” and an average target price of $38.29.

Bank of America Stock Performance

Shares of BAC stock traded up $0.54 during midday trading on Thursday, hitting $35.77. The company had a trading volume of 43,625,709 shares, compared to its average volume of 41,449,238. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. The company’s 50 day simple moving average is $35.55 and its 200 day simple moving average is $32.21. The stock has a market cap of $282.25 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.58 and a beta of 1.39. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during 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 period last year, the firm earned $0.94 EPS. Research analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. Bank of America’s dividend payout ratio 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.