Bank of America Co. (NYSE:BAC) Shares Bought by Titleist Asset Management LLC

Titleist Asset Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,352 shares of the financial services provider’s stock after buying an additional 427 shares during the quarter. Titleist Asset Management LLC’s holdings in Bank of America were worth $1,158,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter valued at about $25,000. Life Planning Partners Inc increased its holdings in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC boosted its position in shares of 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 worth $37,000 after buying an additional 510 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 7.7 %

BAC stock opened at $34.37 on Monday. The stock has a market cap of $261.32 billion, a P/E ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. 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 twelve month low of $32.70 and a twelve month high of $48.08. The company’s 50 day moving average is $43.74 and its two-hundred day moving average is $43.94.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.31.

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.