Bank of America Co. (NYSE:BAC) Shares Acquired by Alta Advisers Ltd

Alta Advisers Ltd boosted its position in Bank of America Co. (NYSE:BAC) by 21.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,056 shares of the financial services provider’s stock after purchasing an additional 3,856 shares during the period. Bank of America comprises approximately 0.6% of Alta Advisers Ltd’s holdings, making the stock its 28th largest position. Alta Advisers Ltd’s holdings in Bank of America were worth $969,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA grew its stake in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the period. Avalon Trust Co increased its stake in 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 valued at $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its holdings in shares of Bank of America by 2.5% during the fourth 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 shares of 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 last quarter. Finally, Keudell Morrison Wealth Management increased its holdings 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 purchasing an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.3 %

Shares of BAC opened at $36.91 on Tuesday. The firm has a market capitalization of $280.62 billion, a P/E ratio of 11.46, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a fifty day moving average price of $41.09 and a 200-day moving average price of $43.63. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.82%. Bank of America’s dividend payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Royal Bank of Canada lowered their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.43.

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.