Bank of America Co. (NYSE:BAC) Stock Holdings Lifted by Forum Financial Management LP

Forum Financial Management LP lifted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 104,062 shares of the financial services provider's stock after buying an additional 10,482 shares during the period. Forum Financial Management LP's holdings in Bank of America were worth $4,574,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Collier Financial acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its stake in Bank of America by 3,883.2% during the 4th 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. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter worth about $29,000. Finally, Vega Investment Solutions acquired a new position in Bank of America during the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.3%

Shares of Bank of America stock opened at $43.20 on Friday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a market cap of $325.38 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27. 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 50-day moving average price of $40.34 and a 200 day moving average price of $43.61.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BAC shares. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Finally, Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

About Bank of America

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.

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