Bank of America Co. (NYSE:BAC) Position Boosted by Voya Financial Advisors Inc.

Voya Financial Advisors Inc. raised its position in Bank of America Co. (NYSE:BAC) by 0.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,423 shares of the financial services provider’s stock after purchasing an additional 263 shares during the quarter. Voya Financial Advisors Inc.’s holdings in Bank of America were worth $1,248,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA grew its holdings in Bank of America by 1.1% in 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 buying an additional 217 shares during the last quarter. Avalon Trust Co increased its holdings in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC lifted 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 buying an additional 220 shares in the last quarter. Marino Stram & Associates LLC grew its stake in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management raised its position 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 acquiring an additional 223 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $39.59 on Friday. The firm has a market cap of $300.99 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.24. The stock’s fifty day moving average price is $40.62 and its 200-day moving average price is $43.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for 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%. On average, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BAC shares. Cfra Research boosted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Morgan Stanley boosted 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, Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.43.

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.