Waterfront Wealth Inc. Acquires 1,645 Shares of Bank of America Co. (NYSE:BAC)

Waterfront Wealth Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,652 shares of the financial services provider’s stock after purchasing an additional 1,645 shares during the quarter. Waterfront Wealth Inc.’s holdings in Bank of America were worth $864,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC grew its stake in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares in the last quarter. Sanders Capital LLC increased its position in shares of Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Bank of America by 1.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after buying an additional 285,117 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $44.80 on Friday. The company has a 50-day simple moving average of $45.75 and a two-hundred day simple moving average of $43.32. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08. The stock has a market capitalization of $343.71 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.24 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.

Bank of America (NYSE:BAC) last released 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. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 earnings per share. Analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Piper Sandler lowered their price target on 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. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.