Laird Norton Wetherby Trust Company LLC Increases Stake in Bank of America Co. (NYSE:BAC)

Laird Norton Wetherby Trust Company LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 75.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,832 shares of the financial services provider’s stock after buying an additional 7,692 shares during the period. Laird Norton Wetherby Trust Company LLC’s holdings in Bank of America were worth $784,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Lighthouse Investment Partners LLC raised its holdings in shares of Bank of America by 4,568.5% during the 4th quarter. Lighthouse Investment Partners LLC now owns 1,004,431 shares of the financial services provider’s stock worth $44,145,000 after acquiring an additional 982,916 shares during the period. Investment Management Corp of Ontario raised its stake in Bank of America by 58.8% during the fourth quarter. Investment Management Corp of Ontario now owns 371,177 shares of the financial services provider’s stock worth $16,313,000 after purchasing an additional 137,425 shares during the period. Investor s Fiduciary Advisor Network LLC purchased a new position in Bank of America during the fourth quarter worth about $647,000. Janus Henderson Group PLC raised its position in shares of Bank of America by 58.1% during the 4th quarter. Janus Henderson Group PLC now owns 1,723,030 shares of the financial services provider’s stock valued at $75,766,000 after buying an additional 632,988 shares during the period. Finally, Junto Capital Management LP purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $169,967,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Piper Sandler reduced their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Oppenheimer boosted their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.85 on Monday. The stock’s 50-day moving average is $39.69 and its two-hundred day moving average is $43.49. 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 Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a market cap of $315.21 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.