Bank of America Co. (NYSE:BAC) Shares Purchased by Boston Financial Mangement LLC

Boston Financial Mangement LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 68,548 shares of the financial services provider’s stock after acquiring an additional 2,542 shares during the period. Boston Financial Mangement LLC’s holdings in Bank of America were worth $3,013,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Swedbank AB increased its stake in shares of Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $45,000. Ledyard National Bank grew its holdings in shares of Bank of America by 17.5% in the third quarter. Ledyard National Bank now owns 11,898 shares of the financial services provider’s stock valued at $472,000 after purchasing an additional 1,769 shares during the period. My Legacy Advisors LLC purchased a new position in Bank of America during the third quarter worth about $404,000. Finally, Blossom Wealth Management boosted its holdings in Bank of America by 1.9% in the 3rd quarter. Blossom Wealth Management now owns 17,102 shares of the financial services provider’s stock valued at $679,000 after purchasing an additional 315 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.1 %

Shares of Bank of America stock opened at $46.03 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $33.17 and a 52-week high of $48.08. The company has a market capitalization of $353.14 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.26 and a beta of 1.33. The company has a 50 day moving average of $45.79 and a 200 day moving average of $43.25.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.69 EPS 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. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays raised their price objective 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. Finally, HSBC upgraded 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 report on Tuesday, January 7th. One research 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.