Paradigm Asset Management Co. LLC Boosts Position in Bank of America Co. (NYSE:BAC)

Paradigm Asset Management Co. LLC boosted its position in Bank of America Co. (NYSE:BAC) by 17.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 120,425 shares of the financial services provider’s stock after buying an additional 17,600 shares during the quarter. Bank of America comprises 1.4% of Paradigm Asset Management Co. LLC’s investment portfolio, making the stock its 2nd largest holding. Paradigm Asset Management Co. LLC’s holdings in Bank of America were worth $5,293,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Collier Financial bought a new position in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the last quarter. Kennebec Savings Bank bought a new position in Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $42,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC opened at $45.31 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.17 and a 12 month high of $48.08. The stock has a 50 day moving average of $45.77 and a 200-day moving average of $43.27. The company has a market capitalization of $347.62 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.30%. Bank of America’s dividend payout ratio is currently 32.30%.

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.