WealthTrak Capital Management LLC Purchases Shares of 7,875 Bank of America Co. (NYSE:BAC)

WealthTrak Capital Management LLC acquired a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,875 shares of the financial services provider’s stock, valued at approximately $346,000.

A number of other hedge funds have also recently made changes to their positions in BAC. Principal Financial Group Inc. lifted its position in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Algert Global LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $606,000. Bridgewater Associates LP purchased a new position in Bank of America in the 3rd quarter valued at approximately $13,162,000. Blueshift Asset Management LLC acquired a new position in shares of Bank of America in the third quarter worth $427,000. Finally, Fiduciary Trust Co increased its position in shares of Bank of America by 11.8% during the third quarter. Fiduciary Trust Co now owns 178,009 shares of the financial services provider’s stock worth $7,063,000 after acquiring an additional 18,850 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, 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 report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Trading Down 3.1 %

NYSE:BAC opened at $41.24 on Friday. The company has a market capitalization of $313.50 billion, a PE ratio of 12.81, 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 stock’s 50 day moving average price is $44.45 and its 200 day moving average price is $43.86. 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 earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is 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.