Other hedge funds have also recently modified their holdings of the company. Truvestments Capital LLC purchased a new position in Bank of America in the second quarter valued at about $29,000. Avondale Wealth Management purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $30,000. Moisand Fitzgerald Tamayo LLC raised its stake in shares of Bank of America by 180.0% during the 2nd quarter. Moisand Fitzgerald Tamayo LLC now owns 1,008 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 648 shares in the last quarter. Lee Financial Co boosted its position in shares of Bank of America by 42.3% in the 2nd quarter. Lee Financial Co now owns 989 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 294 shares in the last quarter. Finally, WD Rutherford LLC purchased a new position in Bank of America during the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on BAC shares. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research note on Tuesday, January 31st. Piper Sandler lowered Bank of America from a “neutral” rating to an “underweight” rating and cut their price target for the company from $36.00 to $33.00 in a research note on Tuesday, January 17th. Oppenheimer boosted their price objective on Bank of America from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating and set a $38.44 target price on the stock in a research report on Tuesday, January 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $35.50 to $39.00 in a report on Wednesday, November 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus price target of $40.44.
Bank of America Price Performance
BAC opened at $35.58 on Monday. The firm has a market cap of $285.44 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.50 and a beta of 1.38. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 1.13. The stock’s 50-day moving average price is $33.97 and its 200 day moving average price is $34.37. Bank of America Co. has a 12-month low of $29.31 and a 12-month high of $49.44.
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $24.17 billion. Bank of America had a return on equity of 11.41% and a net margin of 23.93%. Bank of America’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $0.82 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.38 earnings per share for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be issued a $0.22 dividend. The ex-dividend date is Thursday, March 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.47%. Bank of America’s payout ratio is 27.59%.
Insider Activity at Bank of America
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total value of $95,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total value of $95,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Matthew M. Koder sold 214,745 shares of the stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the completion of the transaction, the insider now owns 214,747 shares of the company’s stock, valued at approximately $7,711,564.77. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.
Bank of America Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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