Avidian Wealth Enterprises LLC Purchases 949 Shares of Bank of America Co. (NYSE:BAC)

Avidian Wealth Enterprises LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the 4th quarter, Holdings Channel reports. The fund owned 31,493 shares of the financial services provider’s stock after buying an additional 949 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Bank of America were worth $1,384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accent Capital Management LLC lifted its stake in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments lifted its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares in the last quarter. Geode Capital Management LLC lifted its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Clarendon Private LLC bought a new position in Bank of America in the fourth quarter valued at approximately $798,000. Finally, Baker Avenue Asset Management LP lifted its stake in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on BAC shares. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of BAC opened at $46.21 on Thursday. The firm has a market capitalization of $354.56 billion, a PE ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33. The company’s 50-day moving average is $45.77 and its 200-day moving average is $43.00. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. 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 quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business 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 $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

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.