L.M. Kohn & Company Acquires New Position in Bank of America Co. (NYSE:BAC)

L.M. Kohn & Company acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,036 shares of the financial services provider’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Swedbank AB lifted its stake in shares of Bank of America by 0.7% during 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. Net Worth Advisory Group purchased a new position in shares of Bank of America during the third quarter valued at approximately $232,000. Chicago Capital LLC lifted its stake in shares of Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after buying an additional 250 shares during the period. Alta Wealth Advisors LLC purchased a new position in Bank of America during the third quarter worth approximately $227,000. Finally, Spectrum Financial Alliance Ltd LLC raised its stake in Bank of America by 0.8% during the third quarter. Spectrum Financial Alliance Ltd LLC now owns 1,146,884 shares of the financial services provider’s stock worth $45,508,000 after purchasing an additional 9,531 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Evercore ISI cut their price target 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. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Oppenheimer increased their price target on shares of 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 investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 1.4 %

Bank of America stock opened at $46.98 on Monday. The firm’s 50-day moving average is $45.75 and its 200-day moving average is $43.10. 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 Co. has a 1 year low of $32.49 and a 1 year high of $48.08. The company has a market cap of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33.

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, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 period last year, the firm posted $0.70 EPS. On average, equities analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio 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.