Sterling Investment Advisors Ltd. Makes New Investment in Bank of America Co. (NYSE:BAC)

Sterling Investment Advisors Ltd. bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,017 shares of the financial services provider’s stock, valued at approximately $264,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Todd Asset Management LLC increased its holdings in shares of Bank of America by 1.6% during the fourth quarter. Todd Asset Management LLC now owns 931,842 shares of the financial services provider’s stock valued at $40,954,000 after acquiring an additional 14,422 shares in the last quarter. FourThought Financial Partners LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $919,000. Processus Wealth & Capital Management LLC increased its holdings in shares of Bank of America by 0.3% during the fourth quarter. Processus Wealth & Capital Management LLC now owns 76,695 shares of the financial services provider’s stock valued at $3,371,000 after acquiring an additional 258 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after acquiring an additional 2,806,927 shares in the last quarter. Finally, EdgeRock Capital LLC increased its holdings in shares of Bank of America by 7.6% during the fourth quarter. EdgeRock Capital LLC now owns 6,169 shares of the financial services provider’s stock valued at $271,000 after acquiring an additional 437 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on BAC. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $44.48 on Tuesday. The firm has a market cap of $341.25 billion, a PE ratio of 13.81, a PEG ratio of 1.21 and a beta of 1.33. The stock’s fifty day moving average price is $45.73 and its two-hundred day moving average price is $43.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $33.53 and a 1 year high of $48.08.

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, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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 paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s payout ratio is presently 32.30%.

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.