Fiduciary Trust Co Acquires 21,374 Shares of Bank of America Co. (NYSE:BAC)

Fiduciary Trust Co lifted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 12.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 199,383 shares of the financial services provider's stock after acquiring an additional 21,374 shares during the period. Fiduciary Trust Co's holdings in Bank of America were worth $8,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Collier Financial bought a new stake in Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC stock traded up $0.25 on Friday, reaching $41.85. The company's stock had a trading volume of 27,222,454 shares, compared to its average volume of 39,349,405. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The stock's 50 day simple moving average is $39.69 and its 200-day simple moving average is $43.49. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $315.21 billion, a P/E ratio of 13.00, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate 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, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada reduced their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Oppenheimer lifted their target price on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Finally, Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.25.

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.