Florida Financial Advisors LLC Has $776,000 Stock Position in Bank of America Co. (NYSE:BAC)

Florida Financial Advisors LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 13.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,649 shares of the financial services provider’s stock after buying an additional 2,040 shares during the period. Florida Financial Advisors LLC’s holdings in Bank of America were worth $776,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co raised its position in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC boosted its position in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC grew its stake in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management boosted its holdings in shares of Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BAC shares. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Finally, Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $43.09 on Tuesday. The stock has a market capitalization of $327.57 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business’s fifty day moving average price is $44.77 and its two-hundred day moving average price is $43.83. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

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, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.70 EPS. As a group, analysts predict that Bank of America Co. will post 3.7 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 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 yield of 2.41%. Bank of America’s dividend payout ratio is 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.