Bruce G. Allen Investments LLC Grows Position in Bank of America Co. (NYSE:BAC)

Bruce G. Allen Investments LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 6.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,854 shares of the financial services provider’s stock after buying an additional 619 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Bank of America were worth $433,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter valued at $27,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% during 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 during the period. Christopher J. Hasenberg Inc increased its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the third quarter valued at approximately $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Oppenheimer cut their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Piper Sandler upped their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Evercore ISI lifted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

NYSE BAC traded down $1.05 during trading hours on Friday, hitting $45.16. 29,482,468 shares of the stock were exchanged, compared to its average volume of 31,391,746. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08. The stock has a 50-day moving average of $45.46 and a 200 day moving average of $42.15. The company has a market cap of $346.51 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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.