Personal CFO Solutions LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Personal CFO Solutions LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 34,059 shares of the financial services provider’s stock after buying an additional 1,075 shares during the period. Personal CFO Solutions LLC’s holdings in Bank of America were worth $1,497,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Swedbank AB lifted its stake in 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 worth $279,441,000 after purchasing an additional 50,849 shares during the last quarter. Van ECK Associates Corp lifted its stake in Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 10,497 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Olympiad Research LP bought a new stake in Bank of America during the third quarter worth about $234,000. Finally, Consolidated Planning Corp lifted its stake in Bank of America by 6.5% during the third quarter. Consolidated Planning Corp now owns 7,866 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 479 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

Shares of NYSE:BAC opened at $41.39 on Friday. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The stock’s 50-day moving average is $45.61 and its 200 day moving average is $43.72. 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 $314.72 billion, a PE ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Co. will post 3.7 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. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BAC shares. Piper Sandler dropped 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. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

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.