Brucke Financial Inc. Invests $613,000 in Bank of America Co. (NYSE:BAC)

Brucke Financial Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 13,242 shares of the financial services provider's stock, valued at approximately $613,000.

A number of other institutional investors also recently bought and sold shares of the company. Collier Financial purchased a new position in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc raised its holdings in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions purchased a new position in Bank of America in the fourth quarter valued at approximately $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 2.3%

Bank of America stock traded up $1.00 during midday trading on Tuesday, hitting $44.20. 36,298,959 shares of the company were exchanged, compared to its average volume of 39,781,357. The company has a market cap of $332.91 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company's fifty day moving average price is $40.36 and its 200-day moving average price is $43.58. 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 (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $47.50.

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.