Aviso Wealth Management Raises Stock Position in Bank of America Co. (NYSE:BAC)

Aviso Wealth Management lifted its stake in Bank of America Co. (NYSE:BAC) by 12.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,749 shares of the financial services provider’s stock after buying an additional 2,967 shares during the period. Aviso Wealth Management’s holdings in Bank of America were worth $1,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Banco BTG Pactual S.A. purchased a new stake in Bank of America during the 4th quarter valued at approximately $1,775,000. Core Wealth Partners LLC lifted its position in Bank of America by 10.4% during the 4th quarter. Core Wealth Partners LLC now owns 8,818 shares of the financial services provider’s stock worth $388,000 after acquiring an additional 829 shares during the period. Ausdal Financial Partners Inc. increased its holdings in shares of Bank of America by 55.8% in the fourth quarter. Ausdal Financial Partners Inc. now owns 20,521 shares of the financial services provider’s stock valued at $902,000 after purchasing an additional 7,346 shares during the period. Finally, Financial Engines Advisors L.L.C. lifted its holdings in shares of Bank of America by 363.7% during the fourth quarter. Financial Engines Advisors L.L.C. now owns 24,224 shares of the financial services provider’s stock worth $1,065,000 after purchasing an additional 19,000 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Up 0.6 %

Shares of NYSE:BAC opened at $43.31 on Wednesday. The company’s fifty day moving average is $44.72 and its two-hundred day moving average is $43.87. 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 1-year low of $34.15 and a 1-year high of $48.08. The stock has a market capitalization of $329.28 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued 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 2.40%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.