Gallagher Capital Advisors LLC Invests $1.09 Million in Bank of America Co. (NYSE:BAC)

Gallagher Capital Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 24,814 shares of the financial services provider's stock, valued at approximately $1,091,000. Bank of America comprises about 0.8% of Gallagher Capital Advisors LLC's holdings, making the stock its 29th largest position.

Other institutional investors also recently bought and sold shares of the company. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the 4th quarter worth $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BAC. Piper Sandler reduced 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 research note on Friday, January 17th. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Evercore ISI decreased 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.64.

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Bank of America Trading Down 0.1 %

Shares of Bank of America stock traded down $0.04 during trading hours on Wednesday, reaching $39.57. 11,616,675 shares of the company's stock were exchanged, compared to its average volume of 38,609,277. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a fifty day moving average of $45.44 and a 200-day moving average of $43.76. 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 firm has a market capitalization of $300.94 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The business's quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America's dividend payout ratio is presently 32.30%.

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.