Norden Group LLC Has $3.78 Million Stake in Bank of America Co. (NYSE:BAC)

Norden Group LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 85,967 shares of the financial services provider’s stock after selling 3,654 shares during the period. Norden Group LLC’s holdings in Bank of America were worth $3,778,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $42,000. Finally, POM Investment Strategies LLC boosted its stake in Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,006 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 4.7 %

BAC stock opened at $46.19 on Friday. The business has a fifty day moving average price of $45.78 and a 200 day moving average price of $43.59. The stock has a market capitalization of $354.37 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $34.03 and a fifty-two week 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 released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 EPS. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio (DPR) 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.