Ewing Morris & Co. Investment Partners Ltd. Purchases Shares of 28,175 Bank of America Co. (NYSE:BAC)

Ewing Morris & Co. Investment Partners Ltd. bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 28,175 shares of the financial services provider’s stock, valued at approximately $1,238,000.

Several other hedge funds have also recently modified their holdings of the stock. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth about $25,000. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter worth about $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $31,000. Finally, Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $41.62 on Friday. The company’s 50 day simple moving average is $39.70 and its 200-day simple moving average is $43.48. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $313.48 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.50%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Truist Financial lowered their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Finally, Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” 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 given a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.25.

Bank of America 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.