Abundance Wealth Counselors Raises Stake in Bank of America Co. (NYSE:BAC)

Abundance Wealth Counselors raised its stake in shares of Bank of America Co. (NYSE:BAC) by 3.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,480 shares of the financial services provider’s stock after buying an additional 684 shares during the quarter. Abundance Wealth Counselors’ holdings in Bank of America were worth $1,032,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Trust Co. of Toledo NA OH increased its holdings in shares of Bank of America by 3.2% in the third quarter. Trust Co. of Toledo NA OH now owns 13,288 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 417 shares during the period. Czech National Bank increased its stake in Bank of America by 6.0% in the 3rd quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock worth $54,569,000 after acquiring an additional 78,376 shares during the last quarter. Curbstone Financial Management Corp raised its holdings in shares of Bank of America by 4.0% in the 3rd quarter. Curbstone Financial Management Corp now owns 23,254 shares of the financial services provider’s stock valued at $923,000 after acquiring an additional 888 shares in the last quarter. Farmers Trust Co. boosted its position in shares of Bank of America by 8.5% during the 3rd quarter. Farmers Trust Co. now owns 16,245 shares of the financial services provider’s stock valued at $645,000 after acquiring an additional 1,275 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. grew its holdings in shares of Bank of America by 2.4% during the third quarter. Canandaigua National Bank & Trust Co. now owns 111,346 shares of the financial services provider’s stock worth $4,418,000 after purchasing an additional 2,648 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC opened at $46.25 on Friday. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The firm’s 50-day simple moving average is $45.83 and its two-hundred day simple moving average is $42.79. The stock has a market cap of $354.84 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.