Bank of America Co. (NYSE:BAC) is Mystic Asset Management Inc.'s 8th Largest Position

Mystic Asset Management Inc. boosted its stake in Bank of America Co. (NYSE:BAC - Free Report) by 109.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 154,511 shares of the financial services provider's stock after purchasing an additional 80,801 shares during the period. Bank of America comprises about 1.8% of Mystic Asset Management Inc.'s holdings, making the stock its 8th largest holding. Mystic Asset Management Inc.'s holdings in Bank of America were worth $6,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc grew its holdings 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 purchasing an additional 545,936 shares during the period. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter worth $29,000. Highline Wealth Partners LLC grew its holdings in 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 worth $37,000 after purchasing an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC grew its holdings in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock worth $39,000 after purchasing an additional 361 shares during the period. Institutional investors own 70.71% of the company's stock.

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Bank of America Stock Performance

Shares of NYSE BAC traded up $0.17 during midday trading on Tuesday, hitting $41.61. The company's stock had a trading volume of 37,639,976 shares, compared to its average volume of 35,853,873. The stock has a fifty day moving average price of $45.02 and a 200 day moving average price of $43.78. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. 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 $316.37 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed 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 is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.50%. Bank of America's dividend payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of research firms have commented on BAC. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and raised their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. 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 report on Friday, January 17th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.64.

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.