28,019 Shares in Bank of America Co. (NYSE:BAC) Acquired by Potomac Fund Management Inc. ADV

Potomac Fund Management Inc. ADV bought a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 28,019 shares of the financial services provider’s stock, valued at approximately $1,231,000. Bank of America makes up 1.1% of Potomac Fund Management Inc. ADV’s holdings, making the stock its 24th biggest position.

Several other large investors also recently added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA boosted its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the last quarter. Avalon Trust Co grew its stake in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC increased its holdings in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC raised its position in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management lifted its holdings in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BAC shares. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI lowered their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Performance

Shares of Bank of America stock opened at $41.49 on Wednesday. The business has a 50-day simple moving average of $44.25 and a 200-day simple moving average of $43.97. The company has a market cap of $315.42 billion, a PE ratio of 12.88, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year 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.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.