Crux Wealth Advisors Acquires New Position in Bank of America Co. (NYSE:BAC)

Crux Wealth Advisors acquired a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,944 shares of the financial services provider's stock, valued at approximately $393,000.

Several other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System grew its holdings in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH increased its position in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after acquiring an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after acquiring an additional 297,858 shares during the period. Institutional investors own 70.71% of the company's stock.

Remove Ads

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Truist Financial decreased their target price on Bank of America from $53.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Finally, UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $48.31.

Bank of America Price Performance

Bank of America stock traded up $1.36 during midday trading on Tuesday, reaching $38.03. 84,592,767 shares of the stock were exchanged, compared to its average volume of 39,412,238. The company's fifty day moving average is $42.04 and its 200-day moving average is $43.70. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The firm has a market cap of $289.16 billion, a PE ratio of 11.81, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.73%. Bank of America's dividend payout ratio is presently 32.30%.

Bank of America 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.