Golden State Equity Partners Grows Stock Position in Bank of America Co. (NYSE:BAC)

Golden State Equity Partners grew its position in Bank of America Co. (NYSE:BAC - Free Report) by 700.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,002 shares of the financial services provider's stock after buying an additional 59,509 shares during the period. Golden State Equity Partners' holdings in Bank of America were worth $2,989,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its position in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc lifted its stake in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter valued at $45,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC traded up $0.49 during mid-day trading on Tuesday, reaching $46.70. 5,766,473 shares of the stock were exchanged, compared to its average volume of 35,493,426. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company has a 50 day simple moving average of $45.83 and a 200-day simple moving average of $42.77. The stock has a market capitalization of $358.30 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 (NYSE:BAC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The business's revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America's payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Phillip Securities upgraded Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 target price for the company in a report on Friday, October 18th. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Evercore ISI dropped their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. Finally, Citigroup upgraded Bank of America from a "neutral" rating to a "buy" rating and lifted their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.