Beam Wealth Advisors Inc. Buys 1,856 Shares of Bank of America Co. (NYSE:BAC)

Beam Wealth Advisors Inc. grew its stake in shares of Bank of America Co. (NYSE:BAC) by 9.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 22,362 shares of the financial services provider’s stock after purchasing an additional 1,856 shares during the period. Beam Wealth Advisors Inc.’s holdings in Bank of America were worth $983,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Collier Financial bought a new stake in Bank of America during the 4th quarter worth approximately $25,000. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC increased its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the 4th quarter worth approximately $42,000. Finally, POM Investment Strategies LLC increased its holdings in Bank of America by 1,306.5% during the 4th 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 in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 2.2 %

Shares of BAC stock opened at $41.36 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a market capitalization of $314.49 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The business’s fifty day moving average is $45.67 and its 200 day moving average is $43.67.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 earnings per share. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 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 yield of 2.51%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of analysts have commented on BAC shares. Barclays boosted 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. 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. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.