Jmac Enterprises LLC Has $1.67 Million Stock Position in Bank of America Co. (NYSE:BAC)

Jmac Enterprises LLC raised its position in Bank of America Co. (NYSE:BAC) by 3.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 37,951 shares of the financial services provider’s stock after purchasing an additional 1,273 shares during the quarter. Jmac Enterprises LLC’s holdings in Bank of America were worth $1,668,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BAC. Collier Financial acquired a new position in Bank of America during the 4th quarter worth about $25,000. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter worth about $29,000. Highline Wealth Partners LLC lifted its position in shares of 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. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Finally, Barclays boosted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 0.3 %

Shares of Bank of America stock opened at $46.80 on Wednesday. Bank of America Co. has a 12-month low of $32.35 and a 12-month 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 business’s 50 day moving average is $45.77 and its 200-day moving average is $42.96. The stock has a market cap of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.