Ashton Thomas Securities LLC Raises Position in Bank of America Co. (NYSE:BAC)

Ashton Thomas Securities LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 191.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,254 shares of the financial services provider’s stock after buying an additional 14,623 shares during the quarter. Ashton Thomas Securities LLC’s holdings in Bank of America were worth $977,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Citigroup decreased their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Barclays raised 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 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, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Price Performance

NYSE:BAC opened at $43.09 on Tuesday. The business’s 50-day simple moving average is $44.77 and its two-hundred day simple moving average is $43.83. The stock has a market cap of $327.57 billion, a PE ratio of 13.38, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is currently 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.