Fox Run Management L.L.C. Buys Shares of 4,973 Bank of America Co. (NYSE:BAC)

Fox Run Management L.L.C. purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,973 shares of the financial services provider’s stock, valued at approximately $219,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Collier Financial purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc increased its holdings in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its position in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BAC. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One investment 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’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Performance

Shares of BAC opened at $41.24 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The stock has a 50 day moving average price of $44.45 and a 200 day moving average price of $43.86. The company has a market capitalization of $313.50 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm posted $0.70 EPS. The company’s revenue was up 15.0% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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.