Livelsberger Financial Advisory Purchases New Shares in Bank of America Co. (NYSE:BAC)

Livelsberger Financial Advisory purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 841 shares of the financial services provider’s stock, valued at approximately $28,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd boosted its position in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Finally, Darsana Capital Partners LP acquired a new stake in Bank of America during the 3rd quarter worth about $177,970,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Piper Sandler raised their price target on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Oppenheimer raised their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. Finally, StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Stock Performance

BAC opened at $39.53 on Tuesday. The firm has a market capitalization of $309.14 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.36. The stock’s 50 day moving average price is $38.27 and its two-hundred day moving average price is $35.57. 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 12-month low of $24.96 and a 12-month high of $40.19.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.