Sierra Summit Advisors LLC Acquires 3,945 Shares of Bank of America Co. (NYSE:BAC)

Sierra Summit Advisors LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 16.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,411 shares of the financial services provider’s stock after acquiring an additional 3,945 shares during the period. Sierra Summit Advisors LLC’s holdings in Bank of America were worth $1,249,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Collier Financial purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter valued at $29,000. Finally, Highline Wealth Partners LLC raised its position in shares of 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. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $34.37 on Monday. The company has a market capitalization of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $32.70 and a 1-year high of $48.08. The firm’s 50 day simple moving average is $43.74 and its two-hundred day simple moving average is $43.94. 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 (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. 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 report on Tuesday, January 7th. Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. lowered their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

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.