Fire Capital Management LLC Acquires Shares of 8,584 Bank of America Co. (NYSE:BAC)

Fire Capital Management LLC bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,584 shares of the financial services provider's stock, valued at approximately $377,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Lederer & Associates Investment Counsel CA raised 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 valued at $879,000 after acquiring an additional 217 shares in the last quarter. Avalon Trust Co raised its holdings in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC raised its holdings in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Keudell Morrison Wealth Management raised its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after acquiring an additional 223 shares in the last quarter. Finally, Consolidated Planning Corp raised its holdings in Bank of America by 2.9% in the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after acquiring an additional 226 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

BAC stock traded down $0.10 during mid-day trading on Friday, hitting $44.14. 66,528,527 shares of the company were exchanged, compared to its average volume of 39,794,828. The business has a 50 day simple moving average of $40.46 and a 200-day simple moving average of $43.53. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $332.46 billion, a PE ratio of 13.71, a price-to-earnings-growth 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.

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 (EPS) for the quarter, topping the consensus estimate 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 net margin of 14.10% and a return on equity of 10.29%. On average, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada lowered their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Truist Financial decreased their price target 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. Two investment analysts have rated the stock with a sell rating, five have assigned 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.