Bank of America Co. (NYSE:BAC) is Salzhauer Michael’s Largest Position

Salzhauer Michael increased its stake in shares of Bank of America Co. (NYSE:BAC) by 27.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,752,003 shares of the financial services provider’s stock after acquiring an additional 377,900 shares during the quarter. Bank of America comprises approximately 27.1% of Salzhauer Michael’s portfolio, making the stock its largest holding. Salzhauer Michael’s holdings in Bank of America were worth $77,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc increased its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 276 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $37.35 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $283.96 billion, a PE ratio of 11.60, a P/E/G 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 stock has a fifty day moving average price of $41.65 and a 200 day moving average price of $43.62.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler lowered their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.20.

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.