Financial Perspectives Inc Buys 706 Shares of Bank of America Co. (NYSE:BAC)

Financial Perspectives Inc grew its stake in shares of Bank of America Co. (NYSE:BAC) by 8.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 8,605 shares of the financial services provider’s stock after acquiring an additional 706 shares during the period. Financial Perspectives Inc’s holdings in Bank of America were worth $378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Swedbank AB raised its stake in shares of Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares in the last quarter. Net Worth Advisory Group bought a new position in Bank of America in the third quarter worth approximately $232,000. Koss Olinger Consulting LLC raised its stake in Bank of America by 31.1% in the third quarter. Koss Olinger Consulting LLC now owns 7,726 shares of the financial services provider’s stock worth $307,000 after buying an additional 1,835 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in Bank of America in the third quarter worth approximately $45,000. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in Bank of America by 36.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 108,617 shares of the financial services provider’s stock worth $4,310,000 after buying an additional 29,022 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. 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 report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 1.1 %

Shares of Bank of America stock opened at $46.46 on Wednesday. The firm has a market capitalization of $356.51 billion, a PE ratio of 14.43, a P/E/G ratio of 1.27 and a beta of 1.33. Bank of America Co. has a twelve month low of $33.17 and a twelve month high of $48.08. The firm’s 50-day moving average price is $45.79 and its 200 day moving average price is $43.23. 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 (NYSE:BAC) last released its earnings results 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. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.24%. Bank of America’s dividend payout ratio is currently 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.