KLCM Advisors Inc. Has $19.54 Million Holdings in Bank of America Co. (NYSE:BAC)

KLCM Advisors Inc. raised its stake in shares of Bank of America Co. (NYSE:BAC) by 59.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 580,192 shares of the financial services provider’s stock after purchasing an additional 215,893 shares during the period. Bank of America accounts for about 3.0% of KLCM Advisors Inc.’s investment portfolio, 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 hedge funds have also bought and sold shares of the stock. Rakuten Securities Inc. purchased a new stake in shares of Bank of America in the fourth quarter worth about $514,000. Acute Investment Advisory LLC boosted its position in Bank of America by 10.3% during the 4th quarter. Acute Investment Advisory LLC now owns 8,175 shares of the financial services provider’s stock valued at $275,000 after acquiring an additional 762 shares in the last quarter. Carl P. Sherr & Co. LLC lifted its holdings in shares of Bank of America by 8.3% during the 4th quarter. Carl P. Sherr & Co. LLC now owns 18,926 shares of the financial services provider’s stock valued at $637,000 after purchasing an additional 1,455 shares during the last quarter. Scissortail Wealth Management LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $895,000. Finally, Tyche Wealth Partners LLC purchased a new stake in Bank of America during the 4th quarter valued at about $747,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 3.5 %

Shares of NYSE BAC traded down $1.27 during midday trading on Wednesday, reaching $34.68. 95,566,094 shares of the stock were exchanged, compared to its average volume of 35,278,272. The company has a 50 day simple moving average of $35.51 and a 200 day simple moving average of $32.19. The stock has a market capitalization of $273.65 billion, a P/E ratio of 11.30, a PEG ratio of 1.64 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.77%. Bank of America’s payout ratio is currently 31.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods upped 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 report on Friday, April 5th. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. BMO Capital Markets lowered their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, Oppenheimer lowered their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.29.

Bank of America Company Profile

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.