IronOak Wealth LLC. acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 24,489 shares of the financial services provider's stock, valued at approximately $1,076,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted 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 worth $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of Bank of America by 16.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 87,530 shares of the financial services provider's stock worth $3,847,000 after purchasing an additional 12,127 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new position in Bank of America during the fourth quarter worth $70,000. Drive Wealth Management LLC grew its position in Bank of America by 2.6% in the fourth quarter. Drive Wealth Management LLC now owns 19,093 shares of the financial services provider's stock valued at $839,000 after purchasing an additional 476 shares in the last quarter. Finally, Capital Asset Advisory Services LLC increased its stake in Bank of America by 3.8% in the 4th quarter. Capital Asset Advisory Services LLC now owns 89,705 shares of the financial services provider's stock valued at $4,020,000 after buying an additional 3,308 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages recently commented on BAC. Royal Bank of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Evercore ISI lowered 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. Truist Financial dropped their price target on shares of 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. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.
Read Our Latest Report on BAC
Bank of America Price Performance
Shares of BAC stock traded down $0.02 on Friday, hitting $44.22. 25,125,022 shares of the company's stock were exchanged, compared to its average volume of 39,750,726. The company has a 50 day moving average of $40.45 and a 200 day moving average of $43.57. The stock has a market cap of $333.04 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 12 month low of $33.07 and a 12 month high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations 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 research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The business 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. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. Bank of America's dividend payout ratio is currently 30.95%.
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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