Access Investment Management LLC Has $9.23 Million Position in Bank of America Co. (NYSE:BAC)

Access Investment Management LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 210,000 shares of the financial services provider’s stock after selling 15,000 shares during the quarter. Bank of America comprises about 2.7% of Access Investment Management LLC’s investment portfolio, making the stock its 10th largest holding. Access Investment Management LLC’s holdings in Bank of America were worth $9,230,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Accent Capital Management LLC increased its holdings in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments increased its holdings in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC grew its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Clarendon Private LLC acquired a new position in Bank of America in the fourth quarter valued at about $798,000. Finally, Baker Avenue Asset Management LP grew its stake in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $44.80 on Friday. The stock has a 50 day moving average price of $45.75 and a 200 day moving average price of $43.37. Bank of America Co. has a 52 week low of $33.37 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s dividend payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAC. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.