Saiph Capital LLC Purchases 2,264 Shares of Bank of America Co. (NYSE:BAC)

Saiph Capital LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 2.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 107,659 shares of the financial services provider’s stock after purchasing an additional 2,264 shares during the period. Bank of America makes up approximately 1.7% of Saiph Capital LLC’s portfolio, making the stock its 14th biggest holding. Saiph Capital LLC’s holdings in Bank of America were worth $4,732,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Mascoma Wealth Management LLC lifted its stake in shares of Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the fourth quarter worth approximately $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.4 %

Shares of NYSE:BAC opened at $41.61 on Wednesday. The stock has a market cap of $316.37 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.21 and a beta of 1.32. 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 Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The business’s 50 day moving average is $45.02 and its 200 day moving average is $43.78.

Bank of America (NYSE:BAC) last announced its 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.50%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Company 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.