Scott Capital Advisors LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,382 shares of the financial services provider’s stock, valued at approximately $211,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Bank of America by 0.6% in the third quarter. Vanguard Group Inc. now owns 602,457,736 shares of the financial services provider’s stock valued at $18,194,222,000 after buying an additional 3,313,229 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Bank of America by 60.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 103,645,596 shares of the financial services provider’s stock valued at $3,130,177,000 after buying an additional 38,870,780 shares during the period. Legal & General Group Plc raised its position in shares of Bank of America by 2.9% during the second quarter. Legal & General Group Plc now owns 52,475,574 shares of the financial services provider’s stock worth $1,633,568,000 after purchasing an additional 1,493,089 shares during the period. Dodge & Cox raised its position in shares of Bank of America by 3.5% during the second quarter. Dodge & Cox now owns 44,434,589 shares of the financial services provider’s stock worth $1,383,249,000 after purchasing an additional 1,511,600 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock worth $1,522,699,000 after purchasing an additional 603,512 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the company. Piper Sandler lowered Bank of America from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $36.00 to $33.00 in a research report on Tuesday, January 17th. Royal Bank of Canada dropped their price target on Bank of America from $40.00 to $34.00 and set an “outperform” rating on the stock in a research report on Friday. Citigroup raised their price target on Bank of America from $36.00 to $38.00 in a research report on Tuesday, January 17th. StockNews.com assumed coverage on Bank of America in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research report on Tuesday, January 31st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Hold” and an average target price of $39.28.
Bank of America Stock Up 0.6 %
BAC stock opened at $27.14 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. The business has a 50 day moving average price of $33.34 and a two-hundred day moving average price of $33.87. The company has a market cap of $217.22 billion, a price-to-earnings ratio of 8.51, a P/E/G ratio of 1.14 and a beta of 1.40. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $44.39.
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. The firm had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. Bank of America had a return on equity of 11.41% and a net margin of 23.93%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.82 earnings per share. Analysts anticipate that Bank of America Co. will post 3.37 EPS for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be given a $0.22 dividend. The ex-dividend date is Thursday, March 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.24%. Bank of America’s payout ratio is 27.59%.
Insider Activity
In other news, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew M. Koder sold 105,054 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the sale, the insider now directly owns 319,803 shares of the company’s stock, valued at $10,959,648.81. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.
Bank of America Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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