Bank of America Co. (NYSE:BAC) Shares Purchased by Root Financial Partners LLC

Root Financial Partners LLC raised its position in Bank of America Co. (NYSE:BAC) by 49.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 7,639 shares of the financial services provider’s stock after buying an additional 2,538 shares during the quarter. Root Financial Partners LLC’s holdings in Bank of America were worth $336,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Collier Financial acquired a new position in Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc raised its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the 4th quarter valued at $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.4 %

Shares of NYSE:BAC opened at $46.98 on Friday. The company’s fifty day moving average is $45.75 and its two-hundred day moving average is $43.05. 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 stock has a market capitalization of $360.47 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.70 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid 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 yield of 2.21%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BAC shares. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.