SeaBridge Investment Advisors LLC Buys 1,385 Shares of Bank of America Co. (NYSE:BAC)

SeaBridge Investment Advisors LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,466 shares of the financial services provider’s stock after purchasing an additional 1,385 shares during the quarter. SeaBridge Investment Advisors LLC’s holdings in Bank of America were worth $2,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Blossom Wealth Management raised its holdings in Bank of America by 1.8% in the fourth quarter. Blossom Wealth Management now owns 17,407 shares of the financial services provider’s stock worth $765,000 after buying an additional 305 shares during the last quarter. Dohj LLC increased its position in shares of Bank of America by 2.6% during the fourth quarter. Dohj LLC now owns 53,316 shares of the financial services provider’s stock valued at $2,343,000 after acquiring an additional 1,345 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Bank of America by 36.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 34,576 shares of the financial services provider’s stock worth $1,520,000 after acquiring an additional 9,286 shares during the last quarter. Flagstone Financial Management bought a new position in shares of Bank of America during the fourth quarter valued at $213,000. Finally, Concord Wealth Partners boosted its position in shares of Bank of America by 6.4% during the fourth quarter. Concord Wealth Partners now owns 30,145 shares of the financial services provider’s stock valued at $1,325,000 after buying an additional 1,821 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Piper Sandler cut 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. Evercore ISI decreased their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 1.0 %

Shares of BAC stock opened at $46.25 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company’s fifty day moving average price is $45.83 and its 200-day moving average price is $42.79. The company has a market capitalization of $354.84 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s payout ratio is 32.30%.

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.