Financial Engines Advisors L.L.C. Has $1.07 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Financial Engines Advisors L.L.C. grew its position in shares of Bank of America Co. (NYSE:BAC) by 363.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,224 shares of the financial services provider’s stock after acquiring an additional 19,000 shares during the quarter. Financial Engines Advisors L.L.C.’s holdings in Bank of America were worth $1,065,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of 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 purchasing an additional 569,385 shares during the last quarter. Algert Global LLC bought a new position in Bank of America in the 3rd quarter valued at about $606,000. Larson Financial Group LLC lifted its position in Bank of America by 18.0% during the third quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock worth $412,000 after acquiring an additional 1,583 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in shares of Bank of America by 48.4% during the third quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 4,837 shares during the period. Finally, Truvestments Capital LLC acquired a new position in shares of Bank of America in the third quarter valued at approximately $73,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $42.81 on Thursday. The stock has a 50-day moving average of $44.63 and a 200-day moving average of $43.86. Bank of America Co. has a one year low of $34.15 and a one 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. The company has a market cap of $325.45 billion, a PE ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Piper Sandler dropped 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

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.