Bank of America Co. (NYSE:BAC) Shares Purchased by Cumberland Partners Ltd

Cumberland Partners Ltd increased its holdings in Bank of America Co. (NYSE:BAC) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 56,485 shares of the financial services provider’s stock after purchasing an additional 1,500 shares during the quarter. Cumberland Partners Ltd’s holdings in Bank of America were worth $2,483,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAC. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% during 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 purchased a new position in Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC grew its position 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. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.03 on Thursday. The business’s fifty day simple moving average is $45.79 and its 200-day simple moving average is $43.25. 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 firm has a market cap of $353.14 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 52 week low of $33.17 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

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.