Corrado Advisors LLC Takes Position in Bank of America Co. (NYSE:BAC)

Corrado Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,990 shares of the financial services provider’s stock, valued at approximately $219,000.

Several other large investors have also recently added to or reduced their stakes in the business. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter worth $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 valued at $25,000 after purchasing an additional 545,936 shares during the period. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter worth $29,000. Highline Wealth Partners LLC increased its holdings in Bank of America by 152.7% during 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 period. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the 4th quarter valued at about $42,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler lowered 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. Finally, Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Shares of Bank of America stock opened at $43.96 on Thursday. The stock has a market capitalization of $337.28 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33. The firm’s fifty day simple moving average is $45.72 and its 200-day simple moving average is $43.50. 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 12 month low of $33.71 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS 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 analyst estimates of $25.12 billion. During the same period in the previous year, the business posted $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.7 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 paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Bank of America Company 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.