Greenwich Wealth Management LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Greenwich Wealth Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 10.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,803 shares of the financial services provider’s stock after buying an additional 2,704 shares during the quarter. Greenwich Wealth Management LLC’s holdings in Bank of America were worth $1,310,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. Finally, Amundi grew its holdings in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BAC. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Piper Sandler decreased their target price 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. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods increased their target price 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. One equities research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Trading Up 3.3 %

Shares of Bank of America stock opened at $40.97 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The company has a market capitalization of $311.45 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. The business has a 50 day moving average price of $45.19 and a 200 day moving average price of $43.74.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS 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. Stockholders of record on Friday, March 7th will be issued 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 dividend yield of 2.54%. Bank of America’s payout ratio is 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.