Orion Portfolio Solutions LLC Grows Position in Bank of America Co. (NYSE:BAC)

Orion Portfolio Solutions LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 24.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,328 shares of the financial services provider’s stock after purchasing an additional 52,083 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Bank of America were worth $11,793,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA raised its position in shares of Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares during the period. Avalon Trust Co raised its holdings in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares during the period. Prossimo Advisors LLC boosted its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares in the last quarter. Marino Stram & Associates LLC grew its holdings in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management increased its position in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC stock opened at $41.24 on Friday. The firm’s 50-day moving average is $44.45 and its two-hundred day moving average is $43.86. Bank of America Co. has a 12 month low of $34.15 and a 12 month 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. The company has a market capitalization of $313.50 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The firm had revenue of $25.30 billion for 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 firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. Analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Piper Sandler dropped their price target on shares of 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. Oppenheimer lifted their target price 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. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.45.

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.