Portfolio Design Labs LLC Purchases 23,367 Shares of Bank of America Co. (NYSE:BAC)

Portfolio Design Labs LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 19.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 142,354 shares of the financial services provider’s stock after acquiring an additional 23,367 shares during the quarter. Bank of America makes up approximately 1.3% of Portfolio Design Labs LLC’s portfolio, making the stock its 14th largest holding. Portfolio Design Labs LLC’s holdings in Bank of America were worth $6,256,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $42,000. Finally, POM Investment Strategies LLC lifted its stake in shares of Bank of America by 1,306.5% in the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,006 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Bank of America stock opened at $46.80 on Wednesday. The firm has a market capitalization of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33. The stock has a fifty day moving average price of $45.77 and a two-hundred day moving average price of $42.96. Bank of America Co. has a 52-week low of $32.35 and a 52-week 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.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.70 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.