Leigh Baldwin & CO. LLC Takes $38.06 Million Position in Bank of America Co. (NYSE:BAC)

Leigh Baldwin & CO. LLC bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 866,015 shares of the financial services provider's stock, valued at approximately $38,061,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Lederer & Associates Investment Counsel CA grew its stake in shares of Bank of America by 1.1% during the fourth 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 during the last quarter. Avalon Trust Co increased its stake in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC lifted its stake 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 during the period. Marino Stram & Associates LLC increased its stake in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after purchasing an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its stake 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 buying an additional 223 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Piper Sandler cut their target price 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. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. JPMorgan Chase & Co. dropped their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, Royal Bank of Canada cut their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.25.

Bank of America Stock Up 0.6%

BAC stock opened at $41.85 on Monday. The business's fifty day moving average price is $39.69 and its two-hundred day moving average price is $43.49. The stock has a market capitalization of $315.21 billion, a price-to-earnings ratio of 13.00, a PEG 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 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 announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm 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, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 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.

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