Bank of America Co. (NYSE:BAC) Stock Position Raised by SlateStone Wealth LLC

SlateStone Wealth LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,500 shares of the financial services provider’s stock after buying an additional 1,075 shares during the period. SlateStone Wealth LLC’s holdings in Bank of America were worth $637,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bank of America by 4.6% during 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 buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Bank of America during the 4th quarter valued at about $60,679,000. Arizona State Retirement System grew its position in shares of Bank of America by 0.5% during 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 boosted its stake in Bank of America by 43.0% during 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 purchasing an additional 11,873 shares during the period. Finally, Keybank National Association OH boosted its stake in Bank of America by 1.1% during 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 purchasing an additional 38,258 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on BAC shares. Morgan Stanley boosted their target price on shares of 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. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Piper Sandler reduced their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Stock Up 3.3 %

BAC stock opened at $40.97 on Monday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company’s 50 day simple moving average is $45.19 and its 200-day simple moving average is $43.76. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $311.45 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.54%. 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.