Fiduciary Advisors Inc. Makes New $1 Million Investment in Bank of America Co. (NYSE:BAC)

Fiduciary Advisors Inc. bought a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 22,826 shares of the financial services provider's stock, valued at approximately $1,003,000. Bank of America accounts for approximately 1.0% of Fiduciary Advisors Inc.'s holdings, making the stock its 23rd biggest position.

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

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.68 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $358.19 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.27 and a beta of 1.33. The business has a 50-day moving average price of $45.85 and a two-hundred day moving average price of $42.73. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly 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 return on equity of 10.29% and a net margin of 14.10%. The company 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 business posted $0.70 EPS. Bank of America's revenue was up 15.0% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend 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 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BAC shares. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Phillip Securities upgraded shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research note on Friday, January 17th. Oppenheimer lifted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Finally, Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.58.

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.

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