BridgePort Financial Solutions LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,225 shares of the financial services provider's stock, valued at approximately $319,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA increased its holdings in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after acquiring an additional 217 shares in the last quarter. Avalon Trust Co grew its holdings 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 worth $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after buying an additional 220 shares in the last quarter. Keudell Morrison Wealth Management grew its holdings in shares of 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 worth $364,000 after buying an additional 223 shares in the last quarter. Finally, Consolidated Planning Corp grew its holdings in shares of Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock worth $356,000 after buying an additional 226 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.
Bank of America Stock Down 0.3%
Bank of America stock traded down $0.14 during mid-day trading on Wednesday, hitting $44.08. The company had a trading volume of 35,352,234 shares, compared to its average volume of 39,798,775. The stock has a market cap of $332.01 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. 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 business has a fifty day moving average of $40.42 and a 200 day moving average of $43.59.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 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 net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts expect 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 declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid 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 2.36%. Bank of America's dividend payout ratio is currently 30.95%.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on BAC. Royal Bank of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Truist Financial dropped 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. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Evercore ISI lowered their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Finally, Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.50.
Check Out Our Latest Stock Analysis on Bank of America
About Bank of America
(
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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