Bank of America Co. (NYSE:BAC) Stake Lifted by CBIZ Investment Advisory Services LLC

CBIZ Investment Advisory Services LLC raised its stake in Bank of America Co. (NYSE:BAC) by 530.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,680 shares of the financial services provider’s stock after buying an additional 6,461 shares during the quarter. CBIZ Investment Advisory Services LLC’s holdings in Bank of America were worth $338,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Collier Financial bought a new stake in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Mascoma Wealth Management LLC boosted its position in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America in the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods increased 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 report on Tuesday, December 3rd. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Stock Performance

Shares of BAC opened at $40.97 on Friday. The company has a 50-day moving average of $45.19 and a two-hundred day moving average of $43.74. The stock has a market cap of $311.45 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. 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 EPS 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared 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. This represents a $1.04 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

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.