Wallace Capital Management Inc. Takes $211,000 Position in Bank of America Co. (NYSE:BAC)

Wallace Capital Management Inc. acquired a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,794 shares of the financial services provider’s stock, valued at approximately $211,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.1%

BAC opened at $44.74 on Tuesday. 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 one year low of $33.07 and a one year high of $48.08. The firm has a market capitalization of $336.98 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a fifty day moving average price of $40.13 and a 200-day moving average price of $43.59.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Equities research analysts expect that Bank of America Co. will post 3.7 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, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BAC shares. Citigroup lowered their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Royal Bank of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Barclays lowered their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler cut their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and four have assigned 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 $47.50.

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.