Adams Diversified Equity Fund Inc. Has $37.28 Million Holdings in Bank of America Co. (NYSE:BAC)

Adams Diversified Equity Fund Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 13.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 848,268 shares of the financial services provider’s stock after acquiring an additional 97,500 shares during the quarter. Bank of America makes up approximately 1.4% of Adams Diversified Equity Fund Inc.’s investment portfolio, making the stock its 14th largest holding. Adams Diversified Equity Fund Inc.’s holdings in Bank of America were worth $37,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Collier Financial bought a new stake in Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America in the 4th quarter valued at $29,000. Highline Wealth Partners LLC boosted 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 purchasing an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC boosted its holdings in Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.6 %

BAC opened at $42.48 on Friday. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The firm has a 50-day moving average price of $44.87 and a two-hundred day moving average price of $43.76. 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 has a market capitalization of $322.94 billion, a PE ratio of 13.19, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, equities 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 declared 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. This represents a $1.04 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.