Challenger Wealth Management Acquires Shares of 7,241 Bank of America Co. (NYSE:BAC)

Challenger Wealth Management bought a new position in Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,241 shares of the financial services provider's stock, valued at approximately $318,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Brighton Jones LLC increased its position in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position 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 valued at $3,031,000 after purchasing an additional 7,133 shares during the period. Curated Wealth Partners LLC increased its position 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 valued at $1,422,000 after purchasing an additional 248 shares during the period. Eclectic Associates Inc. ADV purchased a new position in Bank of America during the 4th quarter valued at $201,000. Finally, Cottonwood Capital Advisors LLC increased its position 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 valued at $477,000 after purchasing an additional 2,938 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Oppenheimer restated an "outperform" rating on shares of Bank of America in a report on Thursday. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Evercore ISI dropped their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Finally, Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Stock Performance

BAC traded up $1.00 during midday trading on Tuesday, hitting $44.20. 36,298,959 shares of the company traded hands, compared to its average volume of 39,781,357. 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 firm has a market capitalization 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. The company's 50-day moving average is $40.36 and its 200 day moving average is $43.58. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

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 earnings per share 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 firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

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.