Leigh Baldwin & CO. LLC Invests $38.06 Million in Bank of America Co. (NYSE:BAC)

Leigh Baldwin & CO. LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, Holdings Channel reports. The fund purchased 866,015 shares of the financial services provider’s stock, valued at approximately $38,061,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the 4th quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter valued at about $31,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $41.85 on Monday. The firm has a market cap of $315.21 billion, a P/E ratio of 13.00, a PEG ratio of 1.21 and a beta of 1.27. 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 fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a 50-day moving average of $39.69 and a 200 day moving average of $43.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, research 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. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BAC. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Barclays dropped their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Finally, Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus 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.