GSA Capital Partners LLP Purchases New Stake in Bank of America Co. (NYSE:BAC)

GSA Capital Partners LLP acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 28,835 shares of the financial services provider’s stock, valued at approximately $1,283,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Camden National Bank grew its holdings in Bank of America by 9.8% during the fourth quarter. Camden National Bank now owns 11,568 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 1,030 shares during the period. New World Advisors LLC acquired a new position in Bank of America during the third quarter worth about $471,000. EagleClaw Capital Managment LLC grew its holdings in Bank of America by 0.8% during the third quarter. EagleClaw Capital Managment LLC now owns 92,730 shares of the financial services provider’s stock worth $3,934,000 after acquiring an additional 778 shares during the period. MV Capital Management Inc. grew its holdings in Bank of America by 42.7% during the third quarter. MV Capital Management Inc. now owns 9,080 shares of the financial services provider’s stock worth $385,000 after acquiring an additional 2,719 shares during the period. Finally, Barings LLC increased its stake in Bank of America by 41.7% in the 3rd quarter. Barings LLC now owns 53,036 shares of the financial services provider’s stock worth $2,251,000 after purchasing an additional 15,602 shares in the last quarter. Institutional investors and hedge funds own 70.46% of the company’s stock.

NYSE:BAC traded down $0.16 during mid-day trading on Wednesday, hitting $35.49. The company had a trading volume of 886,109 shares, compared to its average volume of 54,500,121. Bank of America Co. has a fifty-two week low of $32.96 and a fifty-two week high of $50.11. The business’s fifty day moving average is $38.75 and its two-hundred day moving average is $43.12. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $285.94 billion, a P/E ratio of 10.19, a P/E/G ratio of 1.48 and a beta of 1.39.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. The business had revenue of $23.20 billion during the quarter, compared to the consensus estimate of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. Bank of America’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the company earned $0.86 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.32 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 annualized dividend and a yield of 2.37%. Bank of America’s payout ratio is currently 24.00%.

A number of brokerages recently weighed in on BAC. The Goldman Sachs Group dropped their price target on Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, April 20th. Oppenheimer dropped their price target on Bank of America from $52.00 to $50.00 in a research note on Tuesday, May 3rd. Morgan Stanley raised Bank of America from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $51.00 to $49.00 in a research note on Monday, March 28th. BMO Capital Markets lowered their target price on Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 19th. Finally, Piper Sandler lowered their target price on Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Buy” and an average target price of $50.41.

About Bank of America (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Further Reading

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

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