Moment Partners LLC Buys Shares of 6,000 Bank of America Co. (NYSE:BAC)

Moment Partners LLC purchased a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 6,000 shares of the financial services provider’s stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Graney & King LLC bought a new position in Bank of America during the fourth quarter worth about $25,000. Collier Financial bought a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC raised its holdings in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Citigroup decreased their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday. Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Truist Financial upped their price target 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Down 1.1 %

NYSE BAC opened at $42.81 on Thursday. The business has a fifty day moving average price of $44.63 and a two-hundred day moving average price of $43.86. The stock has a market capitalization of $325.45 billion, a PE ratio of 13.29, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. 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 2.43%. 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.