Tandem Wealth Advisors LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Tandem Wealth Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 13.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,804 shares of the financial services provider’s stock after purchasing an additional 1,068 shares during the quarter. Tandem Wealth Advisors LLC’s holdings in Bank of America were worth $387,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Jaffetilchin Investment Partners LLC lifted its stake in shares of Bank of America by 1.3% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 71,110 shares of the financial services provider’s stock worth $3,125,000 after buying an additional 886 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc lifted its stake in Bank of America by 45.2% in the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 50,184 shares of the financial services provider’s stock worth $2,206,000 after purchasing an additional 15,623 shares in the last quarter. Covestor Ltd lifted its stake in Bank of America by 24.7% in the 4th quarter. Covestor Ltd now owns 2,980 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 591 shares in the last quarter. Argent Trust Co grew its position in shares of Bank of America by 0.3% in the fourth quarter. Argent Trust Co now owns 260,946 shares of the financial services provider’s stock valued at $11,469,000 after purchasing an additional 880 shares in the last quarter. Finally, Legacy Financial Advisors Inc. increased its holdings in shares of Bank of America by 4.7% in the fourth quarter. Legacy Financial Advisors Inc. now owns 39,285 shares of the financial services provider’s stock valued at $1,727,000 after purchasing an additional 1,765 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 3.6 %

NYSE BAC opened at $35.81 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $272.22 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.21 and a beta of 1.24. The firm has a 50 day simple moving average of $42.47 and a 200-day simple moving average of $43.71. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

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, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.90%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAC. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

About Bank of America

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.