Advisory Services Network LLC Grows Holdings in Bank of America Co. (NYSE:BAC)

Advisory Services Network LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 208,361 shares of the financial services provider’s stock after purchasing an additional 6,457 shares during the quarter. Advisory Services Network LLC’s holdings in Bank of America were worth $9,157,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BAC. Collier Financial purchased a new position in Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $29,000. Finally, Highline Wealth Partners LLC lifted its stake 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. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley lifted their price objective 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. Truist Financial lowered their target price on Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a report on Friday, April 4th. Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Performance

Shares of BAC stock opened at $35.00 on Wednesday. The business has a fifty day moving average of $43.04 and a 200 day moving average of $43.80. Bank of America Co. has a 1 year low of $33.54 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $266.11 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.97%. 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.