Gallagher Fiduciary Advisors LLC Purchases 4,346 Shares of Bank of America Co. (NYSE:BAC)

Gallagher Fiduciary Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 58.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,733 shares of the financial services provider’s stock after acquiring an additional 4,346 shares during the period. Gallagher Fiduciary Advisors LLC’s holdings in Bank of America were worth $516,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its stake in shares of Bank of America by 2.2% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 16,579 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 356 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Bank of America by 43.7% during the fourth quarter. Versant Capital Management Inc now owns 12,436 shares of the financial services provider’s stock valued at $547,000 after buying an additional 3,781 shares during the period. GAMMA Investing LLC raised its stake in Bank of America by 9.3% in the fourth quarter. GAMMA Investing LLC now owns 103,092 shares of the financial services provider’s stock worth $4,531,000 after buying an additional 8,805 shares in the last quarter. Finally, Modus Advisors LLC purchased a new stake in Bank of America in the fourth quarter worth about $178,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 2.3 %

Bank of America stock opened at $41.08 on Friday. The business has a 50-day simple moving average of $40.01 and a two-hundred day simple moving average of $43.52. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $312.32 billion, a P/E ratio of 12.76, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations 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 will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Argus decreased their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. UBS Group lifted their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Finally, 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

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.