Wealth Advisory Solutions LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Wealth Advisory Solutions LLC bought a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,905 shares of the financial services provider’s stock, valued at approximately $216,000.

Other institutional investors have also modified their holdings of the company. Collier Financial bought a new stake in Bank of America in the fourth quarter valued at about $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC increased its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $42,000. Finally, POM Investment Strategies LLC lifted its stake in Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,006 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $42.55 on Wednesday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The firm has a market capitalization of $323.61 billion, a PE ratio of 13.22, a P/E/G ratio of 1.21 and a beta of 1.33. The firm has a 50-day moving average price of $45.77 and a 200 day moving average price of $43.70. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm posted $0.70 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. Piper Sandler lowered their target price on shares of 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. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Morgan Stanley upped their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average 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.