Orion Portfolio Solutions LLC Buys 52,083 Shares of Bank of America Co. (NYSE:BAC)

Orion Portfolio Solutions LLC grew its stake in Bank of America Co. (NYSE:BAC) by 24.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,328 shares of the financial services provider’s stock after acquiring an additional 52,083 shares during the period. Orion Portfolio Solutions LLC’s holdings in Bank of America were worth $11,793,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. New Age Alpha Advisors LLC purchased a new position in Bank of America during the 4th quarter worth $16,319,000. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth $5,226,989,000. Caisse Des Depots ET Consignations purchased a new position in shares of Bank of America during the fourth quarter valued at $11,147,000. LM Advisors LLC raised its holdings in shares of Bank of America by 4.0% in the fourth quarter. LM Advisors LLC now owns 51,922 shares of the financial services provider’s stock valued at $2,282,000 after acquiring an additional 1,981 shares in the last quarter. Finally, Homestead Advisers Corp lifted its stake in Bank of America by 3.6% in the fourth quarter. Homestead Advisers Corp now owns 1,775,735 shares of the financial services provider’s stock worth $78,044,000 after acquiring an additional 62,400 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Performance

Shares of BAC opened at $41.24 on Friday. The stock has a 50-day moving average of $44.45 and a two-hundred day moving average of $43.86. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC) last issued 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.52%. 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.