Lockheed Martin Investment Management Co. Has $43.46 Million Stock Position in Bank of America Co. (NYSE:BAC)

Lockheed Martin Investment Management Co. grew its holdings in Bank of America Co. (NYSE:BAC) by 25.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 988,850 shares of the financial services provider’s stock after purchasing an additional 201,750 shares during the period. Bank of America makes up about 1.7% of Lockheed Martin Investment Management Co.’s portfolio, making the stock its 16th biggest position. Lockheed Martin Investment Management Co.’s holdings in Bank of America were worth $43,460,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Two Sigma Advisers LP raised its stake in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares during the last quarter. Swedbank AB boosted its position in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. KBC Group NV grew its stake in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after purchasing an additional 5,015,378 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 1.1 %

Shares of Bank of America stock opened at $46.73 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $358.57 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The stock’s 50-day simple moving average is $45.81 and its 200 day simple moving average is $42.79.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAC. Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.58.

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.