NorthRock Partners LLC Purchases 33,094 Shares of Bank of America Co. (NYSE:BAC)

NorthRock Partners LLC grew its position in Bank of America Co. (NYSE:BAC - Free Report) by 56.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 91,504 shares of the financial services provider's stock after buying an additional 33,094 shares during the quarter. NorthRock Partners LLC's holdings in Bank of America were worth $4,022,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC bought a new stake in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the 4th quarter worth approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.6%

Shares of BAC stock traded up $0.28 on Friday, hitting $44.66. The stock had a trading volume of 49,375,450 shares, compared to its average volume of 39,687,873. The business has a 50 day moving average of $40.03 and a 200 day moving average of $43.55. The stock has a market cap of $336.38 billion, a price-to-earnings ratio of 13.87, 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 quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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 dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BAC shares. Royal Bank of Canada reduced their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Argus reduced their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Bank of America currently 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.