FNY Investment Advisers LLC Increases Stake in Bank of America Co. (NYSE:BAC)

FNY Investment Advisers LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 1,785.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,540 shares of the financial services provider’s stock after buying an additional 7,140 shares during the period. FNY Investment Advisers LLC’s holdings in Bank of America were worth $331,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BAC. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter valued at $27,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC raised its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc boosted its stake in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $45.09 on Tuesday. The firm has a fifty day moving average price of $45.61 and a 200 day moving average price of $42.27. The company has a market cap of $345.97 billion, a P/E ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. Sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Analyst Ratings Changes

Several research analysts recently issued reports on BAC shares. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $48.00 to $55.00 in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.50.

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.