Sunbeam Capital Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 6,026 shares of the financial services provider's stock, valued at approximately $265,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in Bank of America by 11.5% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 68,955 shares of the financial services provider's stock worth $3,031,000 after purchasing an additional 7,133 shares in the last quarter. Curated Wealth Partners LLC increased its holdings in Bank of America by 0.8% during the 4th quarter. Curated Wealth Partners LLC now owns 32,359 shares of the financial services provider's stock worth $1,422,000 after purchasing an additional 248 shares in the last quarter. Eclectic Associates Inc. ADV bought a new stake in Bank of America during the 4th quarter worth approximately $201,000. Finally, Cottonwood Capital Advisors LLC increased its holdings in Bank of America by 37.2% during the 4th quarter. Cottonwood Capital Advisors LLC now owns 10,844 shares of the financial services provider's stock worth $477,000 after purchasing an additional 2,938 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Stock Up 2.3%
BAC traded up $1.00 on Tuesday, hitting $44.20. The company had a trading volume of 36,298,959 shares, compared to its average volume of 39,781,357. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The stock has a fifty day simple moving average of $40.36 and a 200-day simple moving average of $43.58. The firm has a market capitalization of $332.91 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.21 and a beta of 1.27.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS 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. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
Analyst Upgrades and Downgrades
BAC has been the subject of a number of recent research reports. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Cfra Research increased their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Truist Financial dropped their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.50.
Read Our Latest Report on Bank of America
Bank of America Profile
(
Free Report)
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.
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