Millstone Evans Group LLC Buys Shares of 12,427 Bank of America Co. (NYSE:BAC)

Millstone Evans Group LLC bought a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,427 shares of the financial services provider's stock, valued at approximately $546,000.

Several other large investors also recently added to or reduced their stakes in BAC. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at about $25,000. Life Planning Partners Inc boosted its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after buying an additional 545,936 shares during the period. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter worth about $29,000. Highline Wealth Partners LLC raised its position in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after buying an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC lifted its stake in Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 361 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAC. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Piper Sandler lowered their price target on 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. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.45.

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Bank of America Price Performance

Shares of NYSE:BAC traded up $0.24 during trading on Tuesday, reaching $43.31. The company had a trading volume of 25,443,269 shares, compared to its average volume of 35,889,184. The stock has a market capitalization of $329.28 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a fifty day moving average of $44.77 and a two-hundred day moving average of $43.83.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates 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 last year, the company earned $0.70 EPS. The firm's revenue was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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 issued 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 dividend yield of 2.40%. 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.