DMKC Advisory Services LLC Makes New $4.78 Million Investment in Bank of America Co. (NYSE:BAC)

DMKC Advisory Services LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 108,660 shares of the financial services provider’s stock, valued at approximately $4,776,000. Bank of America makes up approximately 4.3% of DMKC Advisory Services LLC’s portfolio, making the stock its 3rd biggest position.

A number of other hedge funds also recently bought and sold shares of the company. Collier Financial purchased a new position in Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc increased its position in shares of 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 valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its position in 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 acquiring an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in Bank of America during the 4th quarter valued at $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $43.97 on Wednesday. The firm has a market cap of $337.35 billion, a P/E ratio of 13.65, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 1-year low of $33.53 and a 1-year high of $48.08. The company has a 50 day simple moving average of $45.71 and a two-hundred day simple moving average of $43.50. 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 (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 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 firm 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 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.37%. Bank of America’s payout ratio is currently 32.30%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial increased 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. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.