Fox Run Management L.L.C. Takes $219,000 Position in Bank of America Co. (NYSE:BAC)

Fox Run Management L.L.C. purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,973 shares of the financial services provider’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Bank of New York Mellon Corp lifted its position in Bank of America by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after acquiring an additional 2,806,927 shares during the period. Fisher Asset Management LLC grew its stake in shares of Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the period. Finally, Amundi raised its stake in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.24 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50-day moving average price is $44.45 and its 200 day moving average price is $43.86. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a market cap of $313.50 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the business earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of research firms recently weighed in on BAC. Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. 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. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Finally, Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.