J.W. Cole Advisors Inc. Buys 2,834 Shares of Bank of America Co. (NYSE:BAC)

J.W. Cole Advisors Inc. boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,437 shares of the financial services provider’s stock after purchasing an additional 2,834 shares during the period. J.W. Cole Advisors Inc.’s holdings in Bank of America were worth $4,854,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Collier Financial bought a new position in Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank bought a new position in Bank of America in the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its position in 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 worth $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America in the fourth quarter worth approximately $42,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent research reports. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Evercore ISI reduced their price objective 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. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Morgan Stanley increased their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. 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 two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

BAC stock opened at $46.98 on Friday. Bank of America Co. has a 52 week low of $32.49 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $45.75 and a two-hundred day simple moving average of $43.09. The firm has a market capitalization of $360.47 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is currently 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.