1ST Source Bank Boosts Holdings in Bank of America Co. (NYSE:BAC)

1ST Source Bank grew its position in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,437 shares of the financial services provider’s stock after purchasing an additional 783 shares during the period. 1ST Source Bank’s holdings in Bank of America were worth $4,238,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Cassady Schiller Wealth Management LLC raised its stake in shares of Bank of America by 42.2% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 1,102 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 327 shares during the period. Signaturefd LLC raised its stake in shares of Bank of America by 1.5% during the fourth quarter. Signaturefd LLC now owns 166,691 shares of the financial services provider’s stock valued at $7,326,000 after purchasing an additional 2,413 shares during the period. Cibc World Markets Corp raised its stake in shares of Bank of America by 45.4% during the fourth quarter. Cibc World Markets Corp now owns 1,926,020 shares of the financial services provider’s stock valued at $84,649,000 after purchasing an additional 601,348 shares during the period. Gold Investment Management Ltd. increased its stake in shares of Bank of America by 0.3% in the fourth quarter. Gold Investment Management Ltd. now owns 90,920 shares of the financial services provider’s stock worth $3,996,000 after buying an additional 292 shares during the last quarter. Finally, IMG Wealth Management Inc. bought a new stake in shares of Bank of America in the fourth quarter worth $91,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $40.97 on Monday. The firm has a 50-day moving average price of $45.19 and a 200 day moving average price of $43.76. The firm has a market capitalization of $311.45 billion, a PE ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. 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 52-week low of $34.15 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. 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. Evercore ISI dropped their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Oppenheimer lifted 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 note on Friday, January 17th. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.64.

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.