Strive Asset Management LLC Invests $896,000 in Bank of America Co. (NYSE:BAC)

Strive Asset Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 20,397 shares of the financial services provider's stock, valued at approximately $896,000.

Other hedge funds have also recently bought and sold shares of the company. Lederer & Associates Investment Counsel CA lifted its holdings in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after buying an additional 217 shares during the last quarter. Avalon Trust Co grew its position in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC grew its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the last quarter. Marino Stram & Associates LLC grew its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after purchasing an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management grew its holdings in shares of Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after purchasing an additional 223 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Performance

Bank of America stock traded down $0.15 during midday trading on Tuesday, hitting $44.62. The company's stock had a trading volume of 33,349,026 shares, compared to its average volume of 39,700,974. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50-day moving average price of $40.13 and a two-hundred day moving average price of $43.59. The company has a market cap of $336.07 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $26.83 billion. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America's payout ratio is 30.95%.

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.