5,225 Shares in Bank of America Co. (NYSE:BAC) Bought by Stonebridge Financial Group LLC

Stonebridge Financial Group LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, HoldingsChannel reports. The fund purchased 5,225 shares of the financial services provider’s stock, valued at approximately $230,000.

Other institutional investors have also bought and sold shares of the company. BostonPremier Wealth LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $299,000. Mill Creek Capital Advisors LLC raised its position in Bank of America by 11.1% during the fourth quarter. Mill Creek Capital Advisors LLC now owns 8,711 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 870 shares during the period. Focus Financial Network Inc. lifted its stake in shares of Bank of America by 4.3% in the 4th quarter. Focus Financial Network Inc. now owns 59,448 shares of the financial services provider’s stock valued at $2,613,000 after purchasing an additional 2,464 shares during the last quarter. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 1,306.5% in the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,006 shares during the last quarter. Finally, Sapient Capital LLC boosted its holdings in shares of Bank of America by 1.9% in the 4th quarter. Sapient Capital LLC now owns 1,640,099 shares of the financial services provider’s stock worth $72,082,000 after purchasing an additional 30,157 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. 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 research note on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.80 on Wednesday. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The stock’s fifty day moving average price is $45.77 and its 200-day moving average price is $42.96. The firm has a market cap of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 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 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued 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 yield of 2.22%. Bank of America’s dividend 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.