Sierra Ocean LLC Invests $133,000 in Bank of America Co. (NYSE:BAC)

Sierra Ocean LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,029 shares of the financial services provider’s stock, valued at approximately $133,000.

A number of other institutional investors also recently modified their holdings of the business. Lederer & Associates Investment Counsel CA raised its holdings in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Marino Stram & Associates LLC lifted its holdings in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares in the last quarter. Keudell Morrison Wealth Management boosted its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the period. Traveka Wealth LLC grew its position in Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares in the last quarter. Finally, Consolidated Planning Corp grew its holdings in shares of Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 226 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.98 on Monday. The business has a 50-day simple moving average of $45.75 and a two-hundred day simple moving average of $43.10. Bank of America Co. has a fifty-two week low of $32.49 and a fifty-two week high of $48.08. The firm has a market cap of $360.47 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. 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 (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The firm 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.