Beacon Financial Advisory LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Beacon Financial Advisory LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 9.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,611 shares of the financial services provider’s stock after acquiring an additional 666 shares during the quarter. Beacon Financial Advisory LLC’s holdings in Bank of America were worth $335,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Kennebec Savings Bank purchased a new position in shares of Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on BAC. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI lowered their target price 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. Finally, Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

BAC opened at $47.74 on Friday. The stock’s 50 day simple moving average is $45.78 and its 200 day simple moving average is $42.85. The stock has a market cap of $366.33 billion, a P/E ratio of 14.83, a P/E/G ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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.