Sherman Asset Management Inc. Buys New Holdings in Bank of America Co. (NYSE:BAC)

Sherman Asset Management Inc. acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,569 shares of the financial services provider’s stock, valued at approximately $113,000.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Swedbank AB lifted its holdings in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares during the period. Gladstone Institutional Advisory LLC lifted its holdings in Bank of America by 68.4% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 81,775 shares of the financial services provider’s stock worth $3,245,000 after buying an additional 33,205 shares during the period. Lowe Brockenbrough & Co. Inc. lifted its holdings in Bank of America by 3.5% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 25,816 shares of the financial services provider’s stock worth $1,024,000 after buying an additional 874 shares during the period. Ceredex Value Advisors LLC lifted its holdings in Bank of America by 26.0% in the 3rd quarter. Ceredex Value Advisors LLC now owns 1,531,531 shares of the financial services provider’s stock worth $60,771,000 after buying an additional 316,206 shares during the period. Finally, BluePath Capital Management LLC lifted its holdings in Bank of America by 17.2% in the 3rd quarter. BluePath Capital Management LLC now owns 21,728 shares of the financial services provider’s stock worth $862,000 after buying an additional 3,187 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Morgan Stanley increased their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Piper Sandler decreased their target price 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. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 4.7 %

Bank of America stock opened at $46.19 on Friday. The firm has a market cap of $354.37 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33. The stock has a fifty day simple moving average of $45.78 and a two-hundred day simple moving average of $43.59. Bank of America Co. has a 12 month low of $34.03 and a 12 month high of $48.08. 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 posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. Equities analysts predict that Bank of America Co. will post 3.7 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 paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. Bank of America’s dividend payout ratio (DPR) 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.