May Barnhard Investments LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

May Barnhard Investments LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 39,189 shares of the financial services provider’s stock, valued at approximately $1,722,000.

Several other institutional investors have also recently bought and sold shares of BAC. Lederer & Associates Investment Counsel CA boosted its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the last quarter. Prossimo Advisors LLC raised its holdings in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares in the last quarter. Marino Stram & Associates LLC raised its holdings in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares in the last quarter. Keudell Morrison Wealth Management raised its holdings in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares in the last quarter. Finally, Traveka Wealth LLC raised its holdings in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after buying an additional 226 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $39.64 on Friday. 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 Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The firm has a market capitalization of $301.40 billion, a PE ratio of 12.31, a P/E/G ratio of 1.21 and a beta of 1.32. The stock’s 50 day moving average is $45.27 and its 200 day moving average is $43.70.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. 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 announced 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. This represents a $1.04 annualized dividend and a yield of 2.62%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” 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, sixteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.