FSB Premier Wealth Management Inc. Raises Stake in Bank of America Co. (NYSE:BAC)

FSB Premier Wealth Management Inc. increased its position in shares of Bank of America Co. (NYSE:BAC) by 9.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,986 shares of the financial services provider’s stock after acquiring an additional 1,643 shares during the quarter. FSB Premier Wealth Management Inc.’s holdings in Bank of America were worth $878,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at $5,226,989,000. Amundi boosted its stake in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Two Sigma Advisers LP grew its holdings in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the period. Swedbank AB lifted its holdings in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares during the period. Finally, KBC Group NV boosted its position in shares of Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $41.24 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $313.50 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The company’s 50-day simple moving average is $44.45 and its 200-day simple moving average is $43.93.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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%. During the same quarter last year, the firm earned $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BAC. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.45.

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.