Bank of America Co. (NYSE:BAC) Stock Position Boosted by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,324 shares of the financial services provider’s stock after acquiring an additional 1,657 shares during the period. Lake Street Advisors Group LLC’s holdings in Bank of America were worth $2,695,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Swedbank AB lifted its holdings in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares during the period. Orrstown Financial Services Inc. acquired a new stake in Bank of America in the 3rd quarter valued at about $389,000. Pallas Capital Advisors LLC lifted its holdings in Bank of America by 21.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 156,955 shares of the financial services provider’s stock valued at $6,694,000 after acquiring an additional 27,395 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in Bank of America by 0.3% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 100,835 shares of the financial services provider’s stock valued at $4,001,000 after acquiring an additional 330 shares during the last quarter. Finally, abrdn plc grew its stake in shares of Bank of America by 2.1% in the 3rd quarter. abrdn plc now owns 6,306,184 shares of the financial services provider’s stock worth $250,261,000 after purchasing an additional 128,255 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 1.1 %

BAC opened at $43.97 on Wednesday. The company has a market capitalization of $337.35 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. 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 fifty-two week low of $33.53 and a fifty-two week high of $48.08. The business has a 50-day moving average of $45.71 and a 200-day moving average of $43.50.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 earnings per share. Equities research analysts forecast 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, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Finally, Oppenheimer lifted their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock 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.