Bank of America Co. (NYSE:BAC) Shares Bought by Sound View Wealth Advisors Group LLC

Sound View Wealth Advisors Group LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,130 shares of the financial services provider’s stock after acquiring an additional 945 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Bank of America were worth $3,126,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA boosted its position in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after buying an additional 217 shares during the last quarter. Prossimo Advisors LLC lifted its holdings in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC lifted its holdings in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the period. Keudell Morrison Wealth Management lifted its holdings in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC lifted its holdings in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of Bank of America stock opened at $41.39 on Friday. The stock has a market cap of $314.72 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50 day moving average price of $45.61 and a 200-day moving average price of $43.72. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm 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 2.51%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BAC shares. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Friday. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.