Synergy Asset Management LLC Boosts Stock Position in Bank of America Corporation $BAC

Synergy Asset Management LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 260.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 122,429 shares of the financial services provider’s stock after purchasing an additional 88,490 shares during the period. Synergy Asset Management LLC’s holdings in Bank of America were worth $6,171,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Bank of America in the second quarter valued at approximately $5,091,641,000. Arrowstreet Capital Limited Partnership grew its stake in Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after acquiring an additional 9,782,208 shares during the period. ABN AMRO Bank N.V. purchased a new stake in Bank of America in the 2nd quarter worth approximately $202,439,000. OMERS ADMINISTRATION Corp raised its holdings in Bank of America by 881.5% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock valued at $199,236,000 after acquiring an additional 3,781,417 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America during the 2nd quarter worth $164,623,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $55.94 on Friday. The business has a 50-day moving average of $53.80 and a two-hundred day moving average of $50.59. The firm has a market capitalization of $408.49 billion, a PE ratio of 15.24 and a beta of 1.29. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $56.54.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. As a group, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Friday, December 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BAC shares. Daiwa Capital Markets lifted their price objective on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Barclays raised their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Argus lifted their price target on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Citigroup increased their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, TD Cowen raised their target price on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $58.59.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.