Warm Springs Advisors Inc. Invests $671,000 in Bank of America Co. (NYSE:BAC)

Warm Springs Advisors Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,265 shares of the financial services provider’s stock, valued at approximately $671,000.

Other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Bank of America during the fourth quarter worth $60,679,000. Arizona State Retirement System lifted its holdings in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH lifted its holdings in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a report on Thursday. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Royal Bank of Canada reduced their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Down 0.3%

Shares of Bank of America stock opened at $43.20 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The business has a fifty day simple moving average of $40.34 and a 200 day simple moving average of $43.61. The stock has a market cap of $325.38 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company 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 $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s dividend payout ratio (DPR) 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.