Fairway Wealth LLC Buys New Shares in Bank of America Co. (NYSE:BAC)

Fairway Wealth LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, Holdings Channel.com reports. The fund bought 653 shares of the financial services provider’s stock, valued at approximately $29,000.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new position in Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new stake in Bank of America during the third quarter valued at about $29,000. Highline Wealth Partners LLC grew its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in Bank of America during the fourth quarter valued at about $42,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 3.9 %

Shares of NYSE BAC opened at $39.79 on Tuesday. The stock’s 50 day moving average price is $45.53 and its two-hundred day moving average price is $43.76. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The stock has a market capitalization of $302.55 billion, a P/E ratio of 12.36, a PEG ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, 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 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Evercore ISI lowered their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, 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 research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

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.