Madison Investment Advisors LLC Invests $13.96 Million in Bank of America Co. (NYSE:BAC)

Madison Investment Advisors LLC bought a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 317,607 shares of the financial services provider’s stock, valued at approximately $13,959,000.

Other large investors have also recently made changes to their positions in the company. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc boosted its stake in shares of 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 purchasing an additional 545,936 shares during the period. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 4th quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC boosted its stake in shares of Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on BAC. Piper Sandler dropped their price target 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. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $39.64 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. The firm has a market cap of $301.40 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a 50 day moving average price of $45.27 and a 200 day moving average price of $43.70. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.70 earnings per share. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. Bank of America’s dividend payout ratio is currently 32.30%.

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.