Addison Advisors LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Addison Advisors LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 21.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,816 shares of the financial services provider’s stock after acquiring an additional 3,364 shares during the quarter. Addison Advisors LLC’s holdings in Bank of America were worth $827,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BAC. Collier Financial purchased a new position in Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc increased its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its holdings 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 valued at $37,000 after buying an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $42,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Piper Sandler cut their price objective 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. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 0.7 %

NYSE:BAC opened at $44.48 on Tuesday. Bank of America Co. has a 12 month low of $33.53 and a 12 month high of $48.08. The firm has a fifty day simple moving average of $45.73 and a 200-day simple moving average of $43.46. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $341.25 billion, a P/E ratio of 13.81, a PEG ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America’s dividend payout ratio is presently 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.