Kovack Advisors Inc. Increases Holdings in Bank of America Co. (NYSE:BAC)

Kovack Advisors Inc. boosted its position in shares of Bank of America Co. (NYSE:BAC) by 13.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,755 shares of the financial services provider’s stock after purchasing an additional 3,726 shares during the quarter. Kovack Advisors Inc.’s holdings in Bank of America were worth $1,352,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Mn Services Vermogensbeheer B.V. boosted its stake in Bank of America by 0.8% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 1,555,500 shares of the financial services provider’s stock worth $68,364,000 after purchasing an additional 13,100 shares in the last quarter. Harfst & Associates Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at $222,000. GenTrust LLC grew its holdings in shares of Bank of America by 11.0% during the fourth quarter. GenTrust LLC now owns 14,571 shares of the financial services provider’s stock valued at $640,000 after buying an additional 1,445 shares during the last quarter. Bull Oak Capital LLC purchased a new position in Bank of America in the 4th quarter worth $219,000. Finally, Whipplewood Advisors LLC acquired a new stake in Bank of America during the 4th quarter worth about $57,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $44.17 on Friday. The firm has a 50-day simple moving average of $45.74 and a two-hundred day simple moving average of $43.50. The stock has a market cap of $338.87 billion, a PE ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 1-year low of $34.03 and a 1-year high of $48.08. 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 (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler decreased their price objective on shares of 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. Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Morgan Stanley upped their price target 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.