Focus Financial Network Inc. Purchases 2,464 Shares of Bank of America Co. (NYSE:BAC)

Focus Financial Network Inc. boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 59,448 shares of the financial services provider’s stock after buying an additional 2,464 shares during the quarter. Focus Financial Network Inc.’s holdings in Bank of America were worth $2,613,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Kennebec Savings Bank bought a new position in Bank of America during the 3rd quarter worth $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the 4th quarter valued at $42,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 3rd quarter worth $45,000. Finally, POM Investment Strategies LLC grew its position in Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,006 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Wells Fargo & Company lifted 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. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

BAC stock opened at $46.80 on Wednesday. The firm has a market cap of $359.08 billion, a PE ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average of $45.77 and a 200-day moving average of $42.96. 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 released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.