JCIC Asset Management Inc. Has $370,000 Stock Position in Bank of America Co. (NYSE:BAC)

JCIC Asset Management Inc. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,430 shares of the financial services provider’s stock after purchasing an additional 725 shares during the period. JCIC Asset Management Inc.’s holdings in Bank of America were worth $370,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Longfellow Investment Management Co. LLC lifted its stake in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares during the period. Beacon Investment Advisory Services Inc. lifted its position in shares of Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the period. Integrity Financial Corp WA boosted its stake in shares of Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares during the last quarter. Cahill Financial Advisors Inc. increased its position in shares of Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after buying an additional 249 shares during the period. Finally, Chicago Capital LLC raised its stake in Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after buying an additional 250 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BAC shares. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Oppenheimer reduced their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Truist Financial initiated coverage on shares of Bank of America in a report on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.12 during mid-day trading on Monday, hitting $44.99. The company had a trading volume of 19,588,721 shares, compared to its average volume of 31,331,000. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The stock’s 50-day moving average price is $45.53 and its 200-day moving average price is $42.22. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $345.20 billion, a price-to-earnings ratio of 16.36, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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.