Bank of America Co. (NYSE:BAC) Shares Acquired by Sunpointe LLC

Sunpointe LLC increased its position in Bank of America Co. (NYSE:BAC) by 20.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,540 shares of the financial services provider’s stock after purchasing an additional 2,453 shares during the quarter. Sunpointe LLC’s holdings in Bank of America were worth $639,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cumberland Partners Ltd increased its position in shares of Bank of America by 2.7% during the fourth quarter. Cumberland Partners Ltd now owns 56,485 shares of the financial services provider’s stock worth $2,483,000 after acquiring an additional 1,500 shares during the last quarter. Alberta Investment Management Corp grew its stake in Bank of America by 30.5% during the 4th quarter. Alberta Investment Management Corp now owns 21,400 shares of the financial services provider’s stock valued at $941,000 after purchasing an additional 5,000 shares in the last quarter. Financial Perspectives Inc increased its stake in shares of Bank of America by 8.9% in the fourth quarter. Financial Perspectives Inc now owns 8,605 shares of the financial services provider’s stock worth $378,000 after buying an additional 706 shares during the last quarter. Vista Capital Partners Inc. increased its position in shares of Bank of America by 6.6% in the 4th quarter. Vista Capital Partners Inc. now owns 8,379 shares of the financial services provider’s stock worth $368,000 after purchasing an additional 520 shares during the last quarter. Finally, TKG Advisors LLC increased its holdings in Bank of America by 73.7% in the fourth quarter. TKG Advisors LLC now owns 49,709 shares of the financial services provider’s stock valued at $2,312,000 after buying an additional 21,085 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BAC shares. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Evercore ISI lowered their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Piper Sandler reduced their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Finally, Morgan Stanley boosted their price objective on shares of 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. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $46.03 on Thursday. Bank of America Co. has a 52-week low of $33.17 and a 52-week high of $48.08. The firm has a market capitalization of $353.14 billion, a PE ratio of 14.29, a P/E/G ratio of 1.27 and a beta of 1.33. The firm has a 50-day moving average price of $45.79 and a 200 day moving average price of $43.25. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.70 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.