Accredited Wealth Management LLC Makes New $1.01 Million Investment in Bank of America Co. (NYSE:BAC)

Accredited Wealth Management LLC purchased a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 23,058 shares of the financial services provider’s stock, valued at approximately $1,013,000. Bank of America comprises about 0.9% of Accredited Wealth Management LLC’s holdings, making the stock its 26th largest holding.

Several other large investors also recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA boosted its position in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co boosted its holdings in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC grew its stake in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC raised its holdings in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management lifted its position in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Barclays lowered their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Piper Sandler lowered 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 research note on Wednesday, April 16th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $47.25.

Bank of America Stock Up 2.3 %

BAC opened at $41.08 on Friday. The firm has a market cap of $312.32 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.21 and a beta of 1.27. 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’s 50-day simple moving average is $40.01 and its 200-day simple moving average is $43.52. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 2.53%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

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.