FourThought Financial Partners LLC Invests $919,000 in Bank of America Co. (NYSE:BAC)

FourThought Financial Partners LLC acquired a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 20,919 shares of the financial services provider’s stock, valued at approximately $919,000.

Several other large investors have also recently modified their holdings of the stock. Processus Wealth & Capital Management LLC increased its holdings in shares of Bank of America by 0.3% in the fourth quarter. Processus Wealth & Capital Management LLC now owns 76,695 shares of the financial services provider’s stock worth $3,371,000 after buying an additional 258 shares during the period. Bank of New York Mellon Corp increased its holdings in Bank of America by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. EdgeRock Capital LLC increased its holdings in Bank of America by 7.6% during the 4th quarter. EdgeRock Capital LLC now owns 6,169 shares of the financial services provider’s stock valued at $271,000 after purchasing an additional 437 shares during the period. BHK Investment Advisors LLC increased its holdings in Bank of America by 34.1% during the 4th quarter. BHK Investment Advisors LLC now owns 10,180 shares of the financial services provider’s stock valued at $447,000 after purchasing an additional 2,590 shares during the period. Finally, Brown Financial Advisors increased its holdings in Bank of America by 3.7% during the 4th quarter. Brown Financial Advisors now owns 31,591 shares of the financial services provider’s stock valued at $1,388,000 after purchasing an additional 1,124 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

BAC stock opened at $43.97 on Wednesday. The stock has a market capitalization of $337.35 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12-month low of $33.53 and a 12-month high of $48.08. 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 stock’s 50 day simple moving average is $45.71 and its 200 day simple moving average is $43.50.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business 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%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

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.