New Age Alpha Advisors LLC Acquires New Position in Bank of America Co. (NYSE:BAC)

New Age Alpha Advisors LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 371,316 shares of the financial services provider’s stock, valued at approximately $16,319,000. Bank of America accounts for about 0.7% of New Age Alpha Advisors LLC’s holdings, making the stock its 20th largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the 4th quarter valued at $5,226,989,000. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after buying an additional 2,806,927 shares during the period. Fisher Asset Management LLC boosted its position in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Citigroup lowered their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday. Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Down 0.5 %

Bank of America stock opened at $42.61 on Friday. The stock’s fifty day moving average is $44.55 and its two-hundred day moving average is $43.85. The stock has a market cap of $323.96 billion, a PE ratio of 13.23, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $34.15 and a 1-year 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 quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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.