7,011 Shares in Bank of America Co. (NYSE:BAC) Purchased by Scarborough Advisors LLC

Scarborough Advisors LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 7,011 shares of the financial services provider’s stock, valued at approximately $236,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ethos Financial Group LLC lifted its stake in shares of Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC lifted its position in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after buying an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC grew its holdings in Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Bank of America in the 4th quarter valued at about $105,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $39.24 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.19. The business has a 50 day moving average price of $38.23 and a two-hundred day moving average price of $35.43. The firm has a market cap of $306.87 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 1.74 and a beta of 1.36.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.23 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BAC shares. Piper Sandler raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Wells Fargo & Company lifted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $37.00 to $46.00 in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.79.

About Bank of America

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.