Bank of America Co. (NYSE:BAC) Shares Purchased by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. increased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,131 shares of the financial services provider’s stock after buying an additional 2,176 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Bank of America were worth $2,071,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Bank Pictet & Cie Europe AG raised its holdings in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Autumn Glory Partners LLC increased its position in Bank of America by 9.1% during the fourth quarter. Autumn Glory Partners LLC now owns 17,154 shares of the financial services provider’s stock worth $754,000 after purchasing an additional 1,432 shares during the last quarter. AustralianSuper Pty Ltd raised its stake in Bank of America by 5.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 225,198 shares of the financial services provider’s stock worth $9,897,000 after purchasing an additional 11,584 shares during the period. Kanawha Capital Management LLC boosted its holdings in Bank of America by 11.4% in the 4th quarter. Kanawha Capital Management LLC now owns 19,675 shares of the financial services provider’s stock valued at $865,000 after purchasing an additional 2,010 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $220,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $46.98 on Friday. The stock has a 50-day simple moving average of $45.75 and a 200-day simple moving average of $43.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $32.49 and a 1 year high of $48.08. The stock has a market capitalization of $360.47 billion, a PE ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 EPS. The firm’s revenue was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.