Allied Investment Advisors LLC bought a new stake in Bank of America Corp (NYSE:BAC) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 10,071 shares of the financial services provider’s stock, valued at approximately $297,000.

Other hedge funds also recently bought and sold shares of the company. Burt Wealth Advisors increased its holdings in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $115,000. Legacy Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth $115,000. HWG Holdings LP acquired a new stake in shares of Bank of America during the 3rd quarter worth $116,000. Finally, Bristlecone Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth $128,000. 69.92% of the stock is currently owned by hedge funds and other institutional investors.

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Bank of America Corp (NYSE:BAC) opened at $32.36 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $331,490.00, a PE ratio of 18.60, a price-to-earnings-growth ratio of 1.66 and a beta of 1.36. Bank of America Corp has a 12-month low of $22.07 and a 12-month high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 EPS. equities research analysts predict that Bank of America Corp will post 2.46 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.48%. Bank of America’s payout ratio is currently 27.59%.

Bank of America declared that its board has authorized a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

A number of analysts have recently commented on BAC shares. Instinet dropped their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets upped their price objective on Bank of America to $34.00 and gave the stock an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada restated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Tuesday, January 2nd. Finally, Wells Fargo & Co set a $35.00 price objective on Bank of America and gave the stock a “buy” rating in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and a consensus price target of $30.35.

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About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

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