Metis Global Partners LLC Has $11.39 Million Holdings in Bank of America Co. (NYSE:BAC)

Metis Global Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 13.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 338,292 shares of the financial services provider’s stock after buying an additional 39,485 shares during the period. Metis Global Partners LLC’s holdings in Bank of America were worth $11,390,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Concord Wealth Partners grew its stake in Bank of America by 17.3% in the 3rd quarter. Concord Wealth Partners now owns 50,156 shares of the financial services provider’s stock valued at $1,373,000 after buying an additional 7,393 shares during the last quarter. Everhart Financial Group Inc. grew its position in shares of Bank of America by 3.3% in the third quarter. Everhart Financial Group Inc. now owns 22,778 shares of the financial services provider’s stock valued at $624,000 after purchasing an additional 738 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Bank of America by 14.6% during the third quarter. Verdence Capital Advisors LLC now owns 103,643 shares of the financial services provider’s stock worth $2,838,000 after purchasing an additional 13,229 shares during the period. BluePath Capital Management LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $220,000. Finally, Farmers & Merchants Investments Inc. boosted its stake in Bank of America by 1.8% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 433,522 shares of the financial services provider’s stock valued at $11,870,000 after purchasing an additional 7,653 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.37 during midday trading on Friday, hitting $37.25. 34,082,662 shares of the company traded hands, compared to its average volume of 41,339,492. The firm’s fifty day moving average price is $36.46 and its 200-day moving average price is $33.16. The stock has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.66 and a beta of 1.37. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Evercore ISI boosted their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.70.

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.