Independent Advisor Alliance boosted its position in Bank of America Co. (NYSE:BAC - Free Report) by 11.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 246,724 shares of the financial services provider's stock after buying an additional 25,666 shares during the quarter. Independent Advisor Alliance's holdings in Bank of America were worth $10,844,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Life Planning Partners Inc boosted its position in shares of 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 valued at $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its holdings in 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 acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $42,000. 70.71% of the stock is currently owned by institutional investors.
Bank of America Trading Down 0.5 %
NYSE:BAC traded down $0.21 during trading hours on Tuesday, hitting $39.62. The company had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a 50-day moving average price of $45.44 and a 200 day moving average price of $43.76. The company has a market capitalization of $301.29 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week 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 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 earnings per share. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is presently 32.30%.
Analyst Upgrades and Downgrades
BAC has been the topic of several research analyst reports. Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Friday, January 17th. Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. Oppenheimer boosted 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. Morgan Stanley upped their target price 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. Finally, Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.64.
Read Our Latest Analysis on Bank of America
About Bank of America
(
Free Report)
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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