Signature Estate & Investment Advisors LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Signature Estate & Investment Advisors LLC increased its position in Bank of America Co. (NYSE:BAC) by 6.4% in the fourth quarter, HoldingsChannel reports. The firm owned 11,472 shares of the financial services provider’s stock after purchasing an additional 694 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Bank of America were worth $504,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BAC. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Life Planning Partners Inc lifted its position in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC grew its holdings in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BAC. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Down 1.1 %

BAC stock opened at $42.81 on Thursday. The business’s 50-day moving average is $44.63 and its two-hundred day moving average is $43.86. The company has a market cap of $325.45 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. 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 posted its quarterly earnings data 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.7 earnings per share 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 paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is 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.