Lindbrook Capital LLC Has $2.59 Million Holdings in Bank of America Co. (NYSE:BAC)

Lindbrook Capital LLC increased its stake in Bank of America Co. (NYSE:BAC) by 2.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 58,835 shares of the financial services provider’s stock after purchasing an additional 1,167 shares during the quarter. Lindbrook Capital LLC’s holdings in Bank of America were worth $2,586,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Collier Financial acquired a new position in Bank of America in the 4th quarter worth $25,000. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the 4th quarter worth about $42,000. Finally, POM Investment Strategies LLC lifted its position in Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,006 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned 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, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $42.27 on Thursday. The company’s 50 day moving average price is $45.73 and its two-hundred day moving average price is $43.69. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The firm has a market cap of $321.46 billion, a PE ratio of 13.13, a PEG ratio of 1.21 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its 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 net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is presently 32.30%.

Bank of America Company 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.