BKM Wealth Management LLC Purchases New Holdings in Bank of America Co. (NYSE:BAC)

BKM Wealth Management LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,868 shares of the financial services provider’s stock, valued at approximately $214,000.

A number of other large investors also recently bought and sold shares of the business. Beta Wealth Group Inc. lifted its position in Bank of America by 9.8% during the 4th quarter. Beta Wealth Group Inc. now owns 11,111 shares of the financial services provider’s stock valued at $488,000 after acquiring an additional 996 shares during the period. Mraz Amerine & Associates Inc. purchased a new position in Bank of America during the 4th quarter valued at about $212,000. Venturi Wealth Management LLC raised its holdings in Bank of America by 38.1% in the fourth quarter. Venturi Wealth Management LLC now owns 26,643 shares of the financial services provider’s stock worth $1,171,000 after buying an additional 7,353 shares during the last quarter. CIBC Asset Management Inc raised its holdings in Bank of America by 5.0% in the fourth quarter. CIBC Asset Management Inc now owns 1,267,677 shares of the financial services provider’s stock worth $55,712,000 after buying an additional 60,787 shares during the last quarter. Finally, Highview Capital Management LLC DE purchased a new position in Bank of America in the fourth quarter worth about $286,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.46 on Wednesday. The firm has a 50 day moving average of $45.79 and a 200 day moving average of $43.23. 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 firm has a market capitalization of $356.51 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 12-month low of $33.17 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Evercore ISI decreased their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Piper Sandler decreased 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 report on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.