Bank of America Co. (NYSE:BAC) Stake Boosted by CreativeOne Wealth LLC

CreativeOne Wealth LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,163 shares of the financial services provider’s stock after purchasing an additional 5,462 shares during the quarter. CreativeOne Wealth LLC’s holdings in Bank of America were worth $4,798,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Norges Bank bought a new position in shares of Bank of America during the fourth quarter valued at approximately $5,226,989,000. Bank of New York Mellon Corp raised its position in shares of Bank of America by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Barclays raised their price target on shares of 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 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. Finally, Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Trading Up 1.9 %

Bank of America stock opened at $36.64 on Tuesday. The firm has a market cap of $278.57 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm’s 50 day moving average price is $42.04 and its two-hundred day moving average price is $43.70. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio is presently 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.