Bank of America Co. (NYSE:BAC) Stake Increased by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust grew its holdings in Bank of America Co. (NYSE:BAC) by 32.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 56,248 shares of the financial services provider’s stock after purchasing an additional 13,927 shares during the period. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $2,472,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Swedbank AB boosted its position in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares during the last quarter. JFS Wealth Advisors LLC boosted its position in Bank of America by 202.1% during the third quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock valued at $735,000 after purchasing an additional 12,396 shares during the last quarter. Cornerstone Wealth Group LLC boosted its position in Bank of America by 0.3% during the third quarter. Cornerstone Wealth Group LLC now owns 346,634 shares of the financial services provider’s stock valued at $13,754,000 after purchasing an additional 1,058 shares during the last quarter. Goldstone Financial Group LLC acquired a new stake in Bank of America during the third quarter valued at $615,000. Finally, Catalyst Financial Partners LLC boosted its position in Bank of America by 5.5% during the third quarter. Catalyst Financial Partners LLC now owns 29,066 shares of the financial services provider’s stock valued at $1,153,000 after purchasing an additional 1,513 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.5 %

Bank of America stock opened at $44.17 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50-day simple moving average is $45.74 and its 200-day simple moving average is $43.50. The firm has a market capitalization of $338.87 billion, a PE ratio of 13.72, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52 week low of $34.03 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America’s dividend payout ratio is 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Piper Sandler reduced their price target on 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 boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.