MONECO Advisors LLC Has $1.45 Million Stock Position in Bank of America Co. (NYSE:BAC)

MONECO Advisors LLC grew its position in Bank of America Co. (NYSE:BAC) by 49.7% in the fourth quarter, Holdings Channel reports. The fund owned 32,973 shares of the financial services provider’s stock after acquiring an additional 10,940 shares during the quarter. MONECO Advisors LLC’s holdings in Bank of America were worth $1,449,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Collier Financial acquired a new position in Bank of America in the 4th quarter worth about $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $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 in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% in the 4th 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 last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $42,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $44.80 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $45.75 and its 200-day moving average is $43.41. The stock has a market capitalization of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. Bank of America Co. has a 1 year low of $33.37 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business 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 company earned $0.70 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Morgan Stanley increased 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, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment 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 data from MarketBeat, the stock presently has an average 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.