Parkworth Wealth Management Inc. Takes Position in Bank of America Co. (NYSE:BAC)

Parkworth Wealth Management Inc. acquired a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,204 shares of the financial services provider’s stock, valued at approximately $53,000.

A number of other large investors have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new position in Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc raised its stake in shares of 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 valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at $29,000. Fairway Wealth LLC purchased a new position in Bank of America in the fourth quarter valued at $29,000. Finally, Highline Wealth Partners LLC increased its holdings 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 valued at $37,000 after buying an additional 510 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on BAC shares. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. 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. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Stock Down 0.5 %

Shares of NYSE BAC opened at $39.62 on Wednesday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The firm has a fifty day moving average of $45.44 and a 200-day moving average of $43.76. The stock has a market capitalization of $301.29 billion, a PE ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for 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 business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.70 EPS. On average, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.63%. Bank of America’s dividend payout ratio is currently 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.