Brooklyn FI LLC Invests $1.08 Million in Bank of America Co. (NYSE:BAC)

Brooklyn FI LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 24,416 shares of the financial services provider’s stock, valued at approximately $1,081,000.

Other large investors have also bought and sold shares of the company. Lederer & Associates Investment Counsel CA grew its holdings in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co boosted its position in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its stake in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC increased its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its stake in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4 %

BAC opened at $42.24 on Thursday. The company has a market cap of $321.10 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a fifty day moving average price of $44.94 and a two-hundred day moving average price of $43.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08.

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 for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Morgan Stanley upped their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Piper Sandler cut their price target 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

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.