FourThought Financial Partners LLC Invests $919,000 in Bank of America Co. (NYSE:BAC)

FourThought Financial Partners LLC acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, Holdings Channel.com reports. The firm acquired 20,919 shares of the financial services provider’s stock, valued at approximately $919,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Swedbank AB increased its stake in shares of Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Orrstown Financial Services Inc. purchased a new stake in Bank of America in the 3rd quarter worth $389,000. Pallas Capital Advisors LLC increased its stake in Bank of America by 21.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 156,955 shares of the financial services provider’s stock worth $6,694,000 after buying an additional 27,395 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. increased its stake in Bank of America by 0.3% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 100,835 shares of the financial services provider’s stock worth $4,001,000 after buying an additional 330 shares in the last quarter. Finally, abrdn plc increased its stake in Bank of America by 2.1% in the 3rd quarter. abrdn plc now owns 6,306,184 shares of the financial services provider’s stock worth $250,261,000 after buying an additional 128,255 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.1 %

Shares of NYSE:BAC opened at $43.97 on Wednesday. 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 $33.53 and a 12 month high of $48.08. The company has a 50-day moving average price of $45.71 and a 200 day moving average price of $43.50. The company has a market cap of $337.35 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. 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 prior year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley increased their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average 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.