Global Strategic Investment Solutions LLC Purchases New Shares in Bank of America Co. (NYSE:BAC)

Global Strategic Investment Solutions LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,760 shares of the financial services provider’s stock, valued at approximately $209,000.

A number of other institutional investors have also made changes to their positions in BAC. Swedbank AB raised its holdings in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Bank of America by 1.3% in the third quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock valued at $5,801,000 after buying an additional 1,866 shares during the last quarter. Confluence Wealth Services Inc. raised its holdings in shares of Bank of America by 4.8% in the third quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock valued at $833,000 after buying an additional 959 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Bank of America by 120.2% in the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after buying an additional 10,497 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Bank of America by 24.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 9,397,955 shares of the financial services provider’s stock worth $372,911,000 after purchasing an additional 1,816,804 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 1.3 %

NYSE:BAC opened at $45.51 on Tuesday. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. 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 stock has a market cap of $346.09 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 1.21 and a beta of 1.33. The stock has a 50-day moving average price of $45.81 and a two-hundred day moving average price of $43.67.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BAC shares. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. One investment 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.