Kingsview Wealth Management LLC Acquires 1,719 Shares of Bank of America Co. (NYSE:BAC)

Kingsview Wealth Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,980 shares of the financial services provider’s stock after purchasing an additional 1,719 shares during the period. Kingsview Wealth Management LLC’s holdings in Bank of America were worth $5,009,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Castle Rock Wealth Management LLC raised its holdings in shares of Bank of America by 23.1% in the third quarter. Castle Rock Wealth Management LLC now owns 13,779 shares of the financial services provider’s stock valued at $554,000 after purchasing an additional 2,584 shares during the last quarter. JGP Wealth Management LLC increased its holdings in Bank of America by 9.6% during the third quarter. JGP Wealth Management LLC now owns 11,561 shares of the financial services provider’s stock worth $459,000 after buying an additional 1,010 shares during the last quarter. Fermata Advisors LLC increased its holdings in Bank of America by 5.7% during the third quarter. Fermata Advisors LLC now owns 6,778 shares of the financial services provider’s stock worth $269,000 after buying an additional 364 shares during the last quarter. Iowa State Bank increased its holdings in Bank of America by 26.3% during the third quarter. Iowa State Bank now owns 90,187 shares of the financial services provider’s stock worth $3,579,000 after buying an additional 18,783 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Bank of America by 34.3% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 461,267 shares of the financial services provider’s stock worth $18,303,000 after buying an additional 117,850 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

Shares of NYSE BAC opened at $47.43 on Friday. 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 $32.35 and a 52 week high of $48.08. The firm’s fifty day moving average is $45.77 and its 200 day moving average is $42.92. The company has a market cap of $363.89 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $25.12 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Oppenheimer lifted 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 note on Friday, January 17th. Truist Financial lifted 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. Keefe, Bruyette & Woods lifted 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.