Fragasso Financial Advisors Inc Purchases 404 Shares of Bank of America Co. (NYSE:BAC)

Fragasso Financial Advisors Inc raised its position in shares of Bank of America Co. (NYSE:BAC) by 6.2% in the fourth quarter, HoldingsChannel reports. The firm owned 6,946 shares of the financial services provider’s stock after acquiring an additional 404 shares during the period. Fragasso Financial Advisors Inc’s holdings in Bank of America were worth $305,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in BAC. Thomasville National Bank lifted its stake in Bank of America by 7.6% in the fourth quarter. Thomasville National Bank now owns 63,563 shares of the financial services provider’s stock worth $2,794,000 after acquiring an additional 4,489 shares during the period. Trust Co. of Toledo NA OH lifted its position in shares of Bank of America by 6.6% in the 4th quarter. Trust Co. of Toledo NA OH now owns 14,160 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 872 shares during the period. Fiduciary Alliance LLC lifted its position in shares of Bank of America by 127.2% in the 4th quarter. Fiduciary Alliance LLC now owns 56,014 shares of the financial services provider’s stock worth $2,462,000 after purchasing an additional 31,356 shares during the period. Winthrop Advisory Group LLC boosted its stake in shares of Bank of America by 5.2% during the fourth quarter. Winthrop Advisory Group LLC now owns 32,864 shares of the financial services provider’s stock valued at $1,444,000 after purchasing an additional 1,612 shares in the last quarter. Finally, EWG Elevate Inc. purchased a new position in Bank of America during the fourth quarter valued at approximately $207,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.0 %

Shares of BAC opened at $45.09 on Tuesday. The stock’s 50-day moving average price is $45.61 and its 200-day moving average price is $42.27. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $345.97 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the company earned $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $48.00 to $55.00 in a report on Monday, December 9th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Truist Financial started coverage on shares of Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.