Bank of America Co. (NYSE:BAC) Shares Bought by Facet Wealth Inc.

Facet Wealth Inc. raised its holdings in Bank of America Co. (NYSE:BAC) by 45.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 10,590 shares of the financial services provider’s stock after buying an additional 3,288 shares during the period. Facet Wealth Inc.’s holdings in Bank of America were worth $502,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Bank of America in the fourth quarter valued at $60,679,000. Arizona State Retirement System raised its stake in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares in the last quarter. Accent Capital Management LLC grew its holdings in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Finally, Keybank National Association OH grew its holdings in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock opened at $40.97 on Friday. The firm has a 50 day moving average of $45.19 and a 200-day moving average of $43.74. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $311.45 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BAC shares. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Piper Sandler dropped their price objective on 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 analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Company 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.