First American Bank Has $9.58 Million Stock Position in Bank of America Co. (NYSE:BAC)

First American Bank increased its stake in shares of Bank of America Co. (NYSE:BAC) by 9.4% during the fourth quarter, HoldingsChannel reports. The fund owned 217,972 shares of the financial services provider’s stock after buying an additional 18,782 shares during the period. First American Bank’s holdings in Bank of America were worth $9,580,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of BAC. Hosking Partners LLP grew its position in Bank of America by 4.5% in the fourth quarter. Hosking Partners LLP now owns 1,657,244 shares of the financial services provider’s stock valued at $72,836,000 after purchasing an additional 72,122 shares in the last quarter. Argyle Capital Management LLC boosted its position in Bank of America by 2.4% during the fourth quarter. Argyle Capital Management LLC now owns 92,892 shares of the financial services provider’s stock valued at $4,083,000 after purchasing an additional 2,133 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in Bank of America by 32.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 56,248 shares of the financial services provider’s stock valued at $2,472,000 after purchasing an additional 13,927 shares in the last quarter. Sentinel Trust Co. LBA increased its position in shares of Bank of America by 23.4% during the 4th quarter. Sentinel Trust Co. LBA now owns 27,905 shares of the financial services provider’s stock worth $1,226,000 after purchasing an additional 5,285 shares during the last quarter. Finally, Fusion Capital LLC raised its stake in shares of Bank of America by 2.2% during the 4th quarter. Fusion Capital LLC now owns 185,066 shares of the financial services provider’s stock worth $8,134,000 after purchasing an additional 3,918 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $44.17 on Friday. The firm’s fifty day simple moving average is $45.74 and its two-hundred day simple moving average is $43.50. Bank of America Co. has a 12 month low of $34.03 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $338.87 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 EPS. As a group, analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. HSBC raised shares of 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. Piper Sandler lowered their price target 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. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Barclays lifted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.