Runnymede Capital Advisors Inc. Takes $183,000 Position in Bank of America Co. (NYSE:BAC)

Runnymede Capital Advisors Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,169 shares of the financial services provider’s stock, valued at approximately $183,000.

Other large investors also recently made changes to their positions in the company. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% in the 4th 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. Mascoma Wealth Management LLC lifted its stake in shares of Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Piper Sandler lowered 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 report on Friday, January 17th. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, 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 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 assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Price Performance

Shares of NYSE BAC opened at $42.47 on Friday. The stock has a market capitalization of $322.88 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.21 and a beta of 1.32. The business has a 50-day moving average of $44.81 and a 200-day moving average of $43.77. 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 Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

About Bank of America

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.