13,558 Shares in Bank of America Co. (NYSE:BAC) Acquired by Baron Wealth Management LLC

Baron Wealth Management LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,558 shares of the financial services provider’s stock, valued at approximately $596,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kaufman Rossin Wealth LLC bought a new stake in Bank of America in the 4th quarter valued at $205,000. Foster & Motley Inc. grew its stake in shares of Bank of America by 29.5% in the 4th quarter. Foster & Motley Inc. now owns 19,855 shares of the financial services provider’s stock valued at $873,000 after purchasing an additional 4,520 shares during the period. Plimoth Trust Co. LLC raised its stake in Bank of America by 0.3% during the fourth quarter. Plimoth Trust Co. LLC now owns 87,515 shares of the financial services provider’s stock worth $3,846,000 after acquiring an additional 285 shares in the last quarter. Swedbank AB increased its position in shares of Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. Finally, Allen Capital Group LLC increased its holdings in shares of Bank of America by 5.3% during the fourth quarter. Allen Capital Group LLC now owns 33,856 shares of the financial services provider’s stock worth $1,488,000 after buying an additional 1,715 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. 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. Barclays lifted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods boosted their target price 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. Finally, Piper Sandler reduced their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.74 on Thursday. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a market cap of $358.59 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The business’s 50 day moving average price is $45.83 and its two-hundred day moving average price is $42.70. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. 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.