Bank of America Co. (NYSE:BAC) Shares Purchased by Prossimo Advisors LLC

Prossimo Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 2.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 8,880 shares of the financial services provider’s stock after acquiring an additional 220 shares during the quarter. Prossimo Advisors LLC’s holdings in Bank of America were worth $390,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in BAC. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc lifted its stake 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 valued at $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America during the fourth quarter worth $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BAC shares. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.46 on Wednesday. The business’s 50 day moving average price is $45.79 and its 200-day moving average price is $43.23. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08. 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 firm has a market capitalization of $356.51 billion, a PE ratio of 14.43, a P/E/G ratio of 1.27 and a beta of 1.33.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.