AllSquare Wealth Management LLC Acquires 1,200 Shares of Bank of America Co. (NYSE:BAC)

AllSquare Wealth Management LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,452 shares of the financial services provider’s stock after buying an additional 1,200 shares during the quarter. Bank of America accounts for approximately 0.6% of AllSquare Wealth Management LLC’s holdings, making the stock its 28th biggest holding. AllSquare Wealth Management LLC’s holdings in Bank of America were worth $987,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA boosted its holdings in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co lifted its position in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC boosted its stake in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC raised its stake in shares of 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. Finally, Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $42.48 on Friday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a market cap of $322.94 billion, a PE ratio of 13.19, a P/E/G 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 business has a 50-day simple moving average of $44.87 and a two-hundred day simple moving average of $43.76.

Bank of America (NYSE:BAC) last released 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the business earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company 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 $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler reduced their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Truist Financial lifted 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. Finally, Evercore ISI dropped their price objective on 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.