Riverbend Wealth Management LLC Acquires New Position in Bank of America Co. (NYSE:BAC)

Riverbend Wealth Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 22,512 shares of the financial services provider’s stock, valued at approximately $991,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Collier Financial acquired a new position in shares of Bank of America in the fourth quarter worth $25,000. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter valued at about $29,000. Highline Wealth Partners LLC increased its position in Bank of America by 152.7% in the 4th 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. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter worth about $42,000. Finally, POM Investment Strategies LLC lifted its holdings in shares of Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,006 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. 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 research note on Tuesday, December 3rd. Piper Sandler reduced 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 note on Friday, January 17th. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Stock Down 3.9 %

Shares of BAC opened at $39.79 on Tuesday. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The firm has a market capitalization of $302.55 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a 50-day simple moving average of $45.53 and a 200-day simple moving average of $43.76. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared 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 is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. Bank of America’s dividend payout ratio is currently 32.30%.

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.