Bar Harbor Wealth Management Acquires 4,311 Shares of Bank of America Co. (NYSE:BAC)

Bar Harbor Wealth Management lifted its holdings in Bank of America Co. (NYSE:BAC) by 3.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 118,309 shares of the financial services provider’s stock after acquiring an additional 4,311 shares during the quarter. Bar Harbor Wealth Management’s holdings in Bank of America were worth $5,200,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Eastern Bank boosted its position in Bank of America by 11.8% during the 4th quarter. Eastern Bank now owns 1,135,559 shares of the financial services provider’s stock valued at $49,908,000 after acquiring an additional 119,402 shares in the last quarter. Enterprise Bank & Trust Co lifted its stake in shares of Bank of America by 3.4% during the 4th quarter. Enterprise Bank & Trust Co now owns 16,107 shares of the financial services provider’s stock worth $708,000 after purchasing an additional 534 shares during the last quarter. Harbour Capital Advisors LLC boosted its position in Bank of America by 1.0% during the fourth quarter. Harbour Capital Advisors LLC now owns 75,417 shares of the financial services provider’s stock valued at $3,379,000 after purchasing an additional 715 shares in the last quarter. JCIC Asset Management Inc. grew its stake in Bank of America by 9.4% in the fourth quarter. JCIC Asset Management Inc. now owns 8,430 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 725 shares during the last quarter. Finally, Cooper Financial Group lifted its position in shares of Bank of America by 13.8% during the fourth quarter. Cooper Financial Group now owns 44,441 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 5,388 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Evercore ISI lifted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Truist Financial started coverage on Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price on the stock. Finally, Oppenheimer lowered their price target on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

Bank of America stock traded down $0.02 during mid-day trading on Monday, hitting $45.09. The company had a trading volume of 26,230,522 shares, compared to its average volume of 31,985,563. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company’s fifty day moving average is $45.53 and its 200-day moving average is $42.22. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08. The company has a market capitalization of $345.97 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.