Wingate Wealth Advisors Inc. Makes New Investment in Bank of America Co. (NYSE:BAC)

Wingate Wealth Advisors Inc. acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,665 shares of the financial services provider’s stock, valued at approximately $117,000.

Other large investors have also recently bought and sold shares of the company. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC raised 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 in the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the fourth quarter worth $42,000. Northwest Investment Counselors LLC purchased a new position in Bank of America in the third quarter worth $45,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Bank of America in the fourth quarter valued at $70,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $46.65 on Tuesday. The stock’s 50-day moving average is $45.77 and its 200-day moving average is $42.93. The company has a market cap of $357.91 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. Equities analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.