Wealth Alliance Buys 6,560 Shares of Bank of America Co. (NYSE:BAC)

Wealth Alliance increased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 34.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,614 shares of the financial services provider's stock after purchasing an additional 6,560 shares during the quarter. Wealth Alliance's holdings in Bank of America were worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sunpointe LLC lifted its position in shares of Bank of America by 20.3% in the 4th quarter. Sunpointe LLC now owns 14,540 shares of the financial services provider's stock valued at $639,000 after acquiring an additional 2,453 shares in the last quarter. Cumberland Partners Ltd raised its stake in Bank of America by 2.7% during the 4th quarter. Cumberland Partners Ltd now owns 56,485 shares of the financial services provider's stock valued at $2,483,000 after purchasing an additional 1,500 shares during the period. Alberta Investment Management Corp lifted its holdings in shares of Bank of America by 30.5% in the fourth quarter. Alberta Investment Management Corp now owns 21,400 shares of the financial services provider's stock valued at $941,000 after purchasing an additional 5,000 shares in the last quarter. Financial Perspectives Inc lifted its holdings in shares of Bank of America by 8.9% in the fourth quarter. Financial Perspectives Inc now owns 8,605 shares of the financial services provider's stock valued at $378,000 after purchasing an additional 706 shares in the last quarter. Finally, Vista Capital Partners Inc. grew its holdings in shares of Bank of America by 6.6% during the fourth quarter. Vista Capital Partners Inc. now owns 8,379 shares of the financial services provider's stock valued at $368,000 after buying an additional 520 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.51 on Friday, reaching $44.80. The stock had a trading volume of 43,472,525 shares, compared to its average volume of 35,078,777. Bank of America Co. has a fifty-two week low of $33.37 and a fifty-two week high of $48.08. The business's 50-day moving average price is $45.77 and its two-hundred day moving average price is $43.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $343.71 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. The business's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 earnings per share. On average, sell-side analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. 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. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Finally, Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.58.

About Bank of America

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.