Blue Zone Wealth Advisors LLC Purchases New Position in Bank of America Co. (NYSE:BAC)

Blue Zone Wealth Advisors LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,192 shares of the financial services provider’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Lederer & Associates Investment Counsel CA increased its position in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Marino Stram & Associates LLC increased its position in shares of Bank of America by 1.7% in the 4th 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 during the last quarter. Keudell Morrison Wealth Management increased its position in shares of 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 worth $364,000 after purchasing an additional 223 shares during the last quarter. Traveka Wealth LLC increased its position in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the last quarter. Finally, Consolidated Planning Corp increased its position in shares of Bank of America by 2.9% in the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler lowered their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Up 1.4 %

Bank of America stock opened at $46.98 on Friday. The firm has a 50 day simple moving average of $45.75 and a 200-day simple moving average of $43.09. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $360.47 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 12-month low of $32.49 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the business earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.