Northwest Wealth Management LLC Buys 1,893 Shares of Bank of America Co. (NYSE:BAC)

Northwest Wealth Management LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 29.7% during the fourth quarter, Holdings Channel reports. The fund owned 8,260 shares of the financial services provider’s stock after acquiring an additional 1,893 shares during the quarter. Northwest Wealth Management LLC’s holdings in Bank of America were worth $363,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter valued at approximately $60,679,000. Arizona State Retirement System grew its holdings in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Accent Capital Management LLC grew its holdings in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares during the last quarter. Finally, Keybank National Association OH grew its holdings in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Piper Sandler lowered 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. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Trading Down 0.7 %

Shares of BAC opened at $39.64 on Friday. The stock has a fifty day moving average price of $45.27 and a two-hundred day moving average price of $43.70. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a market cap of $301.40 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. Bank of America’s payout ratio is currently 32.30%.

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.