Prentice Wealth Management LLC Purchases 865 Shares of Bank of America Co. (NYSE:BAC)

Prentice Wealth Management LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,150 shares of the financial services provider’s stock after buying an additional 865 shares during the quarter. Prentice Wealth Management LLC’s holdings in Bank of America were worth $798,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. VisionPoint Advisory Group LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $70,000. Paradigm Asset Management Co. LLC increased its position in shares of Bank of America by 17.1% during the 4th quarter. Paradigm Asset Management Co. LLC now owns 120,425 shares of the financial services provider’s stock valued at $5,293,000 after purchasing an additional 17,600 shares during the last quarter. Cassaday & Co Wealth Management LLC raised its stake in shares of Bank of America by 2.4% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 27,644 shares of the financial services provider’s stock worth $1,215,000 after purchasing an additional 652 shares during the period. Compass Capital Corp MA ADV bought a new position in Bank of America during the fourth quarter valued at about $277,000. Finally, Cordatus Wealth Management LLC purchased a new stake in Bank of America during the fourth quarter worth about $3,514,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BAC shares. Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley increased their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.1 %

BAC stock opened at $44.80 on Friday. The company’s 50 day moving average is $45.75 and its 200 day moving average is $43.32. The stock has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.37 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

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 $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

About Bank of America

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.