58,408 Shares in Bank of America Co. (NYSE:BAC) Bought by Quantessence Capital LLC

Quantessence Capital LLC acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 58,408 shares of the financial services provider's stock, valued at approximately $2,567,000. Bank of America makes up about 1.1% of Quantessence Capital LLC's investment portfolio, making the stock its 24th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA lifted its holdings in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co boosted its position in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC grew its stake in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC grew its position in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after purchasing an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management increased its position in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after acquiring an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Morgan Stanley lifted their price objective on shares of 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. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, Piper Sandler cut their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.43.

Bank of America Stock Up 0.2 %

Shares of NYSE:BAC traded up $0.09 during trading on Friday, reaching $39.67. The stock had a trading volume of 32,686,998 shares, compared to its average volume of 39,125,851. 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 company has a market capitalization of $301.60 billion, a P/E ratio of 12.32, a PEG ratio of 1.21 and a beta of 1.24. The firm's 50-day simple moving average is $40.62 and its 200 day simple moving average is $43.55. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

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

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. Bank of America's dividend payout ratio is currently 30.95%.

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.