CapWealth Advisors LLC Acquires 2,031 Shares of Bank of America Co. (NYSE:BAC)

CapWealth Advisors LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 708,421 shares of the financial services provider’s stock after purchasing an additional 2,031 shares during the period. Bank of America comprises approximately 3.4% of CapWealth Advisors LLC’s investment portfolio, making the stock its 7th biggest position. CapWealth Advisors LLC’s holdings in Bank of America were worth $31,135,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BAC. Myriad Asset Management US LP bought a new stake in shares of Bank of America in the 4th quarter valued at $1,544,000. WealthPLAN Partners LLC grew its holdings in Bank of America by 5.5% during the 4th quarter. WealthPLAN Partners LLC now owns 9,228 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 479 shares during the period. PUREfi Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth about $392,000. ABC Arbitrage SA acquired a new stake in shares of Bank of America in the 4th quarter valued at about $2,927,000. Finally, Adell Harriman & Carpenter Inc. increased its position in Bank of America by 4.8% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 47,131 shares of the financial services provider’s stock valued at $2,071,000 after buying an additional 2,176 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BAC shares. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Evercore ISI dropped their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Up 1.4 %

NYSE:BAC opened at $46.98 on Friday. Bank of America Co. has a 1 year low of $32.49 and a 1 year high of $48.08. The stock’s fifty day moving average price is $45.75 and its two-hundred day moving average price is $43.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $360.47 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.29 and a beta of 1.33.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 EPS. As a group, analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.