Capital Performance Advisors LLP Acquires 2,246 Shares of Bank of America Co. (NYSE:BAC)

Capital Performance Advisors LLP lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 19.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 13,695 shares of the financial services provider’s stock after buying an additional 2,246 shares during the quarter. Capital Performance Advisors LLP’s holdings in Bank of America were worth $602,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Strategic Advisors LLC grew its holdings in shares of Bank of America by 13.4% during the 4th quarter. Strategic Advisors LLC now owns 31,029 shares of the financial services provider’s stock valued at $1,364,000 after purchasing an additional 3,667 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Bank of America during the 4th quarter valued at $133,000. Keystone Financial Services grew its holdings in Bank of America by 3.2% in the 4th quarter. Keystone Financial Services now owns 11,328 shares of the financial services provider’s stock worth $498,000 after acquiring an additional 356 shares during the last quarter. Monument Capital Management grew its holdings in Bank of America by 17.9% in the 4th quarter. Monument Capital Management now owns 7,433 shares of the financial services provider’s stock worth $327,000 after acquiring an additional 1,126 shares during the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in Bank of America by 2.6% in the 4th quarter. J.W. Cole Advisors Inc. now owns 110,437 shares of the financial services provider’s stock worth $4,854,000 after acquiring an additional 2,834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.98 on Monday. The firm has a 50 day moving average of $45.75 and a 200 day moving average of $43.10. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $360.47 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 12-month low of $32.49 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.69 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 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BAC. Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Morgan Stanley lifted 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. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Truist Financial lifted their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America 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.