Kayne Anderson Rudnick Investment Management LLC Grows Stock Position in Bank of America Co. (NYSE:BAC)

Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 11.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 85,782 shares of the financial services provider’s stock after purchasing an additional 8,627 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Bank of America were worth $3,770,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Morse Asset Management Inc purchased a new stake in shares of Bank of America in the third quarter valued at approximately $306,000. SkyView Investment Advisors LLC lifted its position in Bank of America by 4.3% during the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after buying an additional 645 shares in the last quarter. Tudor Financial Inc. acquired a new position in Bank of America during the third quarter worth $645,000. Finally, Eaton Financial Holdings Company LLC purchased a new stake in Bank of America in the 3rd quarter valued at $488,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Argus cut their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Morgan Stanley upped their price target on 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, Piper Sandler reduced their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.43.

Bank of America Price Performance

Shares of BAC opened at $36.91 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s fifty day simple moving average is $41.09 and its 200-day simple moving average is $43.63. The firm has a market capitalization of $280.62 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 1.21 and a beta of 1.24. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.82%. Bank of America’s dividend payout ratio is currently 30.95%.

About Bank of America

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.