Halbert Hargrove Global Advisors LLC Purchases Shares of 3,000 Bank of America Co. (NYSE:BAC)

Halbert Hargrove Global Advisors LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 3,000 shares of the financial services provider’s stock, valued at approximately $132,000.

A number of other hedge funds also recently bought and sold shares of BAC. Collier Financial acquired a new stake in Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC raised its stake in Bank of America by 152.7% in 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 in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 4.7 %

NYSE:BAC opened at $46.19 on Friday. Bank of America Co. has a 12-month low of $34.03 and a 12-month high of $48.08. 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 stock’s 50 day simple moving average is $45.78 and its 200-day simple moving average is $43.59. The firm has a market cap of $354.37 billion, a P/E ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33.

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 for the quarter, beating 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 period last year, the firm posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI cut their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” 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 investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.