Bank of America Co. (NYSE:BAC) Shares Purchased by Beckerman Institutional LLC

Beckerman Institutional LLC boosted its position in Bank of America Co. (NYSE:BAC) by 50.2% in the 4th quarter, HoldingsChannel reports. The firm owned 11,456 shares of the financial services provider’s stock after purchasing an additional 3,830 shares during the period. Beckerman Institutional LLC’s holdings in Bank of America were worth $503,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Collier Financial purchased a new stake in Bank of America in the 4th quarter valued at about $25,000. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $46.21 on Thursday. The business’s 50 day moving average is $45.77 and its two-hundred day moving average is $43.00. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The firm has a market cap of $354.56 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33. 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 EPS. Analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Oppenheimer boosted 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 boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.