Indiana Trust & Investment Management Co Raises Position in Bank of America Co. (NYSE:BAC)

Indiana Trust & Investment Management Co grew its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,836 shares of the financial services provider’s stock after buying an additional 236 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Bank of America were worth $344,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in BAC. ORG Wealth Partners LLC bought a new stake in shares of Bank of America in the 3rd quarter worth $80,000. Stablepoint Partners LLC boosted its position in shares of Bank of America by 10.5% during the third quarter. Stablepoint Partners LLC now owns 8,508 shares of the financial services provider’s stock valued at $338,000 after buying an additional 811 shares during the last quarter. CX Institutional increased its holdings in Bank of America by 5.3% in the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after buying an additional 1,667 shares in the last quarter. Wesbanco Bank Inc. increased its holdings in Bank of America by 0.9% in the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after buying an additional 348 shares in the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC raised its position in Bank of America by 4.2% in the 3rd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 32,022 shares of the financial services provider’s stock worth $1,271,000 after buying an additional 1,283 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial lifted their price target 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. UBS Group raised 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 report on Tuesday, January 7th. Morgan Stanley boosted their target price on shares of 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. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

NYSE:BAC opened at $46.80 on Wednesday. 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 market capitalization of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33. The stock’s fifty day moving average is $45.77 and its two-hundred day moving average is $42.96. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend 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.