Bank of America Co. (NYSE:BAC) Shares Acquired by Fusion Capital LLC

Fusion Capital LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 2.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 185,066 shares of the financial services provider’s stock after purchasing an additional 3,918 shares during the period. Bank of America accounts for approximately 3.3% of Fusion Capital LLC’s portfolio, making the stock its 10th largest holding. Fusion Capital LLC’s holdings in Bank of America were worth $8,134,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Swedbank AB lifted its stake in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares during the last quarter. JFS Wealth Advisors LLC lifted its stake in shares of Bank of America by 202.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock valued at $735,000 after acquiring an additional 12,396 shares during the last quarter. Cornerstone Wealth Group LLC boosted its holdings in shares of Bank of America by 0.3% during the 3rd quarter. Cornerstone Wealth Group LLC now owns 346,634 shares of the financial services provider’s stock valued at $13,754,000 after acquiring an additional 1,058 shares in the last quarter. Goldstone Financial Group LLC bought a new stake in Bank of America during the 3rd quarter worth $615,000. Finally, Catalyst Financial Partners LLC increased its holdings in Bank of America by 5.5% in the 3rd quarter. Catalyst Financial Partners LLC now owns 29,066 shares of the financial services provider’s stock worth $1,153,000 after purchasing an additional 1,513 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 0.5 %

BAC opened at $44.17 on Friday. The company has a fifty day moving average price of $45.74 and a two-hundred day moving average price of $43.50. Bank of America Co. has a 1-year low of $34.03 and a 1-year high of $48.08. The company has a market cap of $338.87 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Ratings Changes

A number of brokerages have recently commented on BAC. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Company 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.