Rafferty Asset Management LLC Has $103.51 Million Holdings in Bank of America Co. (NYSE:BAC)

Rafferty Asset Management LLC raised its stake in Bank of America Co. (NYSE:BAC - Free Report) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,355,158 shares of the financial services provider's stock after acquiring an additional 66,439 shares during the period. Rafferty Asset Management LLC's holdings in Bank of America were worth $103,509,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new position in Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc raised its holdings in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the 4th quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the 4th quarter valued at $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 0.6%

BAC stock traded up $0.28 during trading on Friday, hitting $44.66. The company had a trading volume of 49,375,450 shares, compared to its average volume of 39,631,271. The business has a 50-day moving average of $40.03 and a 200-day moving average of $43.54. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The stock has a market cap of $336.38 billion, a PE ratio of 13.87, a PEG 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.

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

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Truist Financial lowered their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Morgan Stanley boosted their price target 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. Finally, TD Cowen began coverage on Bank of America in a report on Thursday. They set a "buy" rating and a $53.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.