KLCM Advisors Inc. Purchases 215,893 Shares of Bank of America Co. (NYSE:BAC)

KLCM Advisors Inc. grew its position in Bank of America Co. (NYSE:BAC) by 59.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 580,192 shares of the financial services provider’s stock after purchasing an additional 215,893 shares during the period. Bank of America comprises approximately 3.0% of KLCM Advisors Inc.’s holdings, making the stock its 7th biggest holding. KLCM Advisors Inc.’s holdings in Bank of America were worth $19,535,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fort Sheridan Advisors LLC raised its stake in Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC grew its stake in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the last quarter. Kennedy Investment Group grew its stake in Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares in the last quarter. Private Ocean LLC grew its stake in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. boosted its position in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 3.5 %

BAC traded down $1.27 during trading hours on Wednesday, hitting $34.68. 95,566,094 shares of the company’s stock were exchanged, compared to its average volume of 35,278,272. The stock has a market cap of $273.65 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.64 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock’s 50-day moving average is $35.51 and its two-hundred day moving average is $32.19. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company upped their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $38.29.

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.