8,655 Shares in Bank of America Co. (NYSE:BAC) Acquired by BG Investment Services Inc.

BG Investment Services Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The firm bought 8,655 shares of the financial services provider’s stock, valued at approximately $380,000. Bank of America comprises 0.4% of BG Investment Services Inc.’s holdings, making the stock its 25th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Lederer & Associates Investment Counsel CA boosted its stake in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co increased its stake in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC increased its stake in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares in the last quarter. Marino Stram & Associates LLC raised its stake in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management raised its position in shares of Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.6 %

Shares of BAC stock opened at $43.31 on Wednesday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average of $44.72 and a 200-day moving average of $43.87. The firm has a market cap of $329.28 billion, a P/E ratio of 13.45, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. 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. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.45.

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.