Wealthstar Advisors LLC Makes New $775,000 Investment in Bank of America Co. (NYSE:BAC)

Wealthstar Advisors LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The firm purchased 17,630 shares of the financial services provider’s stock, valued at approximately $775,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC grew its stake in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares during the last quarter. Sanders Capital LLC raised its holdings in Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in shares of Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Bank of America by 1.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock worth $696,940,000 after buying an additional 285,117 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

BAC stock opened at $47.43 on Monday. The stock has a market cap of $363.89 billion, a P/E ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company’s 50 day moving average is $45.77 and its two-hundred day moving average is $42.92.

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 for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent analyst reports. Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Piper Sandler dropped their target price on 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 Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Bank of America 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.