New York Life Investment Management LLC Has $43.65 Million Position in Bank of America Co. (NYSE:BAC)

New York Life Investment Management LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 993,223 shares of the financial services provider’s stock after selling 10,316 shares during the period. New York Life Investment Management LLC’s holdings in Bank of America were worth $43,652,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc raised its stake in 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 valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter valued at about $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth about $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.0 %

Shares of NYSE:BAC opened at $43.96 on Thursday. The company has a 50 day moving average of $45.72 and a 200-day moving average of $43.50. Bank of America Co. has a one year low of $33.71 and a one year high of $48.08. The stock has a market cap of $337.28 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 1.21 and a beta of 1.33. 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 released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 earnings per share. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Barclays increased 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 note on Monday, January 6th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.