Summit Global Investments Grows Position in Bank of America Co. (NYSE:BAC)

Summit Global Investments raised its holdings in Bank of America Co. (NYSE:BAC) by 90.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 97,556 shares of the financial services provider’s stock after acquiring an additional 46,278 shares during the quarter. Summit Global Investments’ holdings in Bank of America were worth $4,288,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Millstone Evans Group LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $546,000. Washington Trust Bank increased its position in shares of Bank of America by 1.2% during the 4th quarter. Washington Trust Bank now owns 54,857 shares of the financial services provider’s stock valued at $2,411,000 after purchasing an additional 677 shares during the last quarter. Adams Diversified Equity Fund Inc. increased its position in shares of Bank of America by 13.0% during the 4th quarter. Adams Diversified Equity Fund Inc. now owns 848,268 shares of the financial services provider’s stock valued at $37,281,000 after purchasing an additional 97,500 shares during the last quarter. AllSquare Wealth Management LLC increased its position in shares of Bank of America by 5.6% during the 4th quarter. AllSquare Wealth Management LLC now owns 22,452 shares of the financial services provider’s stock valued at $987,000 after purchasing an additional 1,200 shares during the last quarter. Finally, HUB Investment Partners LLC increased its position in shares of Bank of America by 1.0% during the 4th quarter. HUB Investment Partners LLC now owns 171,956 shares of the financial services provider’s stock valued at $7,557,000 after purchasing an additional 1,769 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.0 %

NYSE BAC opened at $42.47 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The firm has a market capitalization of $322.88 billion, a PE ratio of 13.19, a P/E/G ratio of 1.21 and a beta of 1.32. The stock’s 50 day moving average is $44.81 and its 200 day moving average is $43.77.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America 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.