Premia Global Advisors LLC Buys New Position in Bank of America (BAC)

Premia Global Advisors LLC bought a new stake in shares of Bank of America (NYSE:BAC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 370,276 shares of the financial services provider’s stock, valued at approximately $10,928,000. Bank of America accounts for 10.6% of Premia Global Advisors LLC’s investment portfolio, making the stock its 2nd biggest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Burt Wealth Advisors increased its stake in shares of Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares during the last quarter. Legacy Advisors LLC acquired a new position in shares of Bank of America in the third quarter worth $115,000. HWG Holdings LP acquired a new position in shares of Bank of America in the third quarter worth $116,000. Gradient Investments LLC acquired a new position in shares of Bank of America in the fourth quarter worth $150,000. Finally, Taylor Hoffman Wealth Management acquired a new position in shares of Bank of America in the fourth quarter worth $151,000. 69.93% of the stock is currently owned by institutional investors and hedge funds.

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BAC stock opened at $30.14 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America has a 52-week low of $22.07 and a 52-week high of $33.05. The stock has a market cap of $310,588.69, a price-to-earnings ratio of 16.47, a PEG ratio of 1.49 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. equities analysts anticipate that Bank of America will post 2.54 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is 26.23%.

BAC has been the topic of a number of research reports. Barclays upped their price target on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Instinet dropped their price target on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 price target on shares of Bank of America in a research note on Monday, January 8th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Tuesday, January 2nd. Finally, Vetr cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $28.21 price objective for the company. in a report on Tuesday, February 13th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Bank of America has an average rating of “Buy” and a consensus price target of $32.13.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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