SVB Wealth LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

SVB Wealth LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 121,650 shares of the financial services provider’s stock, valued at approximately $5,347,000.

Other large investors have also made changes to their positions in the company. Flputnam Investment Management Co. increased its stake in shares of Bank of America by 2.5% during the 4th quarter. Flputnam Investment Management Co. now owns 426,505 shares of the financial services provider’s stock worth $18,745,000 after purchasing an additional 10,366 shares during the last quarter. Fortress Financial Group LLC bought a new stake in Bank of America in the fourth quarter worth $270,000. First American Bank raised its holdings in Bank of America by 9.4% during the fourth quarter. First American Bank now owns 217,972 shares of the financial services provider’s stock valued at $9,580,000 after buying an additional 18,782 shares in the last quarter. Hosking Partners LLP lifted its position in shares of Bank of America by 4.5% in the fourth quarter. Hosking Partners LLP now owns 1,657,244 shares of the financial services provider’s stock worth $72,836,000 after buying an additional 72,122 shares during the last quarter. Finally, Argyle Capital Management LLC boosted its stake in shares of Bank of America by 2.4% during the 4th quarter. Argyle Capital Management LLC now owns 92,892 shares of the financial services provider’s stock worth $4,083,000 after acquiring an additional 2,133 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BAC. 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 note on Monday, January 6th. Piper Sandler reduced 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 raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, 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 research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Up 4.7 %

Shares of BAC stock opened at $46.19 on Friday. The firm has a fifty day moving average of $45.78 and a 200-day moving average of $43.59. The stock has a market cap of $354.37 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52-week low of $34.03 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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