Bank of America Co. (NYSE:BAC) Stock Position Increased by Bridgewealth Advisory Group LLC

Bridgewealth Advisory Group LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 82.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 37,814 shares of the financial services provider’s stock after acquiring an additional 17,055 shares during the period. Bridgewealth Advisory Group LLC’s holdings in Bank of America were worth $1,752,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Voleon Capital Management LP purchased a new position in shares of Bank of America in the fourth quarter worth approximately $6,601,000. Northern Trust Corp boosted its holdings in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Bellwether Advisors LLC bought a new stake in Bank of America during the fourth quarter valued at about $101,000. Parkshore Wealth Management Inc. bought a new stake in shares of Bank of America in the fourth quarter valued at about $593,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the 4th quarter valued at about $31,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on BAC shares. Citigroup decreased their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Evercore ISI lowered their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. One investment 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.25.

Bank of America Price Performance

BAC opened at $40.00 on Wednesday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a 50-day moving average of $40.25 and a 200 day moving average of $43.56. The firm has a market cap of $304.11 billion, a P/E ratio of 12.42, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating 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. On average, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.