Collar Capital Management LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Collar Capital Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 5,044 shares of the financial services provider’s stock, valued at approximately $222,000.

Other institutional investors also recently modified their holdings of the company. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Collier Financial bought a new position in Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter valued at about $31,000. Finally, Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after buying an additional 276 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock opened at $40.86 on Wednesday. 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 Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market capitalization of $310.62 billion, a P/E ratio of 12.69, a PEG ratio of 1.21 and a beta of 1.27. The company has a fifty day moving average price of $39.89 and a 200-day moving average price of $43.50.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.55%. Bank of America’s payout ratio is 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Cfra Research boosted their target price on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Piper Sandler lowered their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Finally, UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America 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.