Forum Financial Management LP Boosts Holdings in Bank of America Co. (NYSE:BAC)

Forum Financial Management LP lifted its position in Bank of America Co. (NYSE:BAC) by 11.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,062 shares of the financial services provider’s stock after purchasing an additional 10,482 shares during the period. Forum Financial Management LP’s holdings in Bank of America were worth $4,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Geode Capital Management LLC increased its stake in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $5,226,989,000. Bank of New York Mellon Corp raised its stake in shares of 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 worth $2,620,028,000 after buying an additional 2,806,927 shares during the period. Fisher Asset Management LLC lifted its position in shares of Bank of America by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after buying an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.3 %

Shares of NYSE:BAC opened at $37.44 on Friday. 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 Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm has a market capitalization of $284.65 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The firm’s 50-day moving average is $41.46 and its two-hundred day moving average is $43.60.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.78%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BAC shares. Truist Financial lowered their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $47.20.

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.