Strategic Investment Advisors MI raised its position in shares of Bank of America Co. (NYSE:BAC) by 6.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,446 shares of the financial services provider’s stock after purchasing an additional 1,129 shares during the period. Strategic Investment Advisors MI’s holdings in Bank of America were worth $589,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in BAC. Fiduciary Planning LLC acquired a new position in shares of Bank of America during the third quarter worth approximately $26,000. Marshall & Sullivan Inc. WA acquired a new position in Bank of America during the 3rd quarter worth $27,000. Kathmere Capital Management LLC acquired a new position in Bank of America during the 3rd quarter worth $31,000. Crewe Advisors LLC grew its stake in shares of Bank of America by 363.3% in the third quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,090 shares in the last quarter. Finally, Founders Capital Management acquired a new position in shares of Bank of America during the fourth quarter valued at $33,000. Institutional investors own 68.10% of the company’s stock.
A number of brokerages recently issued reports on BAC. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and increased their target price for the company from $27.00 to $36.00 in a research report on Tuesday, January 5th. Piper Sandler increased their price objective on shares of Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday. Royal Bank of Canada set a $28.00 target price on Bank of America and gave the stock a “buy” rating in a report on Wednesday, October 14th. Smith Barney Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, January 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company. Bank of America has a consensus rating of “Buy” and an average price target of $31.31.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). The firm had revenue of $20.30 billion for the quarter, compared to analyst estimates of $20.88 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. Bank of America’s revenue for the quarter was down 11.6% compared to the same quarter last year. During the same period last year, the firm earned $0.75 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 1.81 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 24th. Investors of record on Friday, December 4th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.15%. The ex-dividend date was Thursday, December 3rd. Bank of America’s payout ratio is 24.49%.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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