SRS Capital Advisors Inc. Boosts Holdings in Bank of America Co. (NYSE:BAC)

SRS Capital Advisors Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 227.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,627 shares of the financial services provider’s stock after buying an additional 35,186 shares during the period. SRS Capital Advisors Inc.’s holdings in Bank of America were worth $2,225,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BAC. Geode Capital Management LLC lifted its holdings in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Bank of New York Mellon Corp grew its position in Bank of America by 4.9% in the fourth 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 acquiring an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after buying an additional 1,671,610 shares in the last quarter. Alphinity Investment Management Pty Ltd grew its position in shares of Bank of America by 4.5% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 24,261,854 shares of the financial services provider’s stock worth $1,066,308,000 after buying an additional 1,051,262 shares in the last quarter. Finally, Sanders Capital LLC grew its position in shares of Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $46.19 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50 day moving average price of $45.78 and a two-hundred day moving average price of $43.59. The firm has a market capitalization of $354.37 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52 week low of $34.03 and a 52 week high of $48.08.

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

Bank of America Announces Dividend

The firm also recently announced 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. 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 2.25%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.