Crux Wealth Advisors Purchases New Shares in Bank of America Co. (NYSE:BAC)

Crux Wealth Advisors purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 8,944 shares of the financial services provider’s stock, valued at approximately $393,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Collier Financial purchased a new position in Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the fourth quarter worth $29,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 276 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $35.93 on Friday. The company has a market capitalization of $273.20 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12 month low of $33.07 and a 12 month 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’s 50-day moving average is $42.25 and its two-hundred day moving average is $43.69.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 analysts’ expectations of $25.12 billion. During the same period last year, the business earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.89%. Bank of America’s dividend payout ratio is presently 32.30%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BAC shares. Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Morgan Stanley boosted their target price 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. Truist Financial decreased their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

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.