FineMark National Bank & Trust Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

FineMark National Bank & Trust grew its stake in Bank of America Co. (NYSE:BAC) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,919 shares of the financial services provider’s stock after purchasing an additional 6,314 shares during the period. FineMark National Bank & Trust’s holdings in Bank of America were worth $4,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its position in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Mascoma Wealth Management LLC increased its stake in 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 acquiring an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BAC. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Truist Financial boosted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. 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 note on Tuesday, January 7th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Evercore ISI cut their target price on shares of 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 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Up 1.5 %

Shares of NYSE:BAC opened at $43.09 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50 day simple moving average of $44.77 and a 200-day simple moving average of $43.83. The company has a market capitalization 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 twelve month low of $34.15 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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