Main Street Financial Solutions LLC Grows Holdings in Bank of America Co. (NYSE:BAC)

Main Street Financial Solutions LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 150.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 74,359 shares of the financial services provider's stock after buying an additional 44,631 shares during the period. Main Street Financial Solutions LLC's holdings in Bank of America were worth $3,268,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Collier Financial acquired a new stake in Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC bought a new stake in Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the fourth quarter worth $29,000. Finally, Glass Jacobson Investment Advisors llc grew its stake in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday. Argus cut their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada lowered their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.20.

Bank of America Stock Up 0.3 %

Shares of Bank of America stock traded up $0.11 on Friday, reaching $37.44. 47,052,978 shares of the company were exchanged, compared to its average volume of 39,127,145. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The stock's 50 day moving average price is $41.27 and its 200-day moving average price is $43.59. 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 company has a market cap of $284.65 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio is presently 30.95%.

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.