Bank of America Co. (NYSE:BAC) Shares Bought by Community Financial Services Group LLC

Community Financial Services Group LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 6.0% during the fourth quarter, HoldingsChannel reports. The firm owned 124,589 shares of the financial services provider’s stock after purchasing an additional 7,065 shares during the quarter. Community Financial Services Group LLC’s holdings in Bank of America were worth $5,476,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Kennebec Savings Bank purchased a new stake in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC increased its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the third quarter worth about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $46.80 on Wednesday. The company has a market cap of $359.08 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.29 and a beta of 1.33. The firm’s fifty day simple moving average is $45.77 and its two-hundred day simple moving average is $42.96. 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 Co. has a 52-week low of $32.35 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. 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 research report on Friday, January 17th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Finally, Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target 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.