Bank of America Co. (NYSE:BAC) Shares Purchased by Lantern Wealth Advisors LLC

Lantern Wealth Advisors LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 9.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,458 shares of the financial services provider’s stock after purchasing an additional 1,791 shares during the quarter. Lantern Wealth Advisors LLC’s holdings in Bank of America were worth $899,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Bank of America by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock valued at $1,981,816,000 after acquiring an additional 5,092,504 shares during the period. Waverly Advisors LLC lifted its holdings in Bank of America by 28.2% in the fourth quarter. Waverly Advisors LLC now owns 278,666 shares of the financial services provider’s stock valued at $12,247,000 after acquiring an additional 61,347 shares during the period. Wallace Capital Management Inc. acquired a new stake in Bank of America in the fourth quarter valued at $211,000. Whelan Financial acquired a new stake in Bank of America in the fourth quarter valued at $204,000. Finally, Woodline Partners LP purchased a new position in shares of Bank of America in the fourth quarter valued at $17,619,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock opened at $44.74 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $336.98 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The stock’s 50 day simple moving average is $40.13 and its 200 day simple moving average is $43.59.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BAC shares. Cfra Research raised their price target on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.50.

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.