Venturi Wealth Management LLC Acquires 7,353 Shares of Bank of America Co. (NYSE:BAC)

Venturi Wealth Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 38.1% in the 4th quarter, HoldingsChannel reports. The fund owned 26,643 shares of the financial services provider’s stock after buying an additional 7,353 shares during the quarter. Venturi Wealth Management LLC’s holdings in Bank of America were worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. CIBC Asset Management Inc boosted its holdings in shares of Bank of America by 5.0% during the 4th quarter. CIBC Asset Management Inc now owns 1,267,677 shares of the financial services provider’s stock valued at $55,712,000 after purchasing an additional 60,787 shares during the last quarter. Highview Capital Management LLC DE purchased a new stake in shares of Bank of America in the fourth quarter worth about $286,000. 5T Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at approximately $212,000. Capital Performance Advisors LLP raised its holdings in shares of Bank of America by 19.6% during the 4th quarter. Capital Performance Advisors LLP now owns 13,695 shares of the financial services provider’s stock worth $602,000 after acquiring an additional 2,246 shares in the last quarter. Finally, Strategic Advisors LLC boosted its position in shares of Bank of America by 13.4% during the 4th quarter. Strategic Advisors LLC now owns 31,029 shares of the financial services provider’s stock valued at $1,364,000 after acquiring an additional 3,667 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. 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. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Keefe, Bruyette & Woods raised their price target 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Bank of America stock opened at $46.46 on Wednesday. The company’s fifty day moving average price is $45.79 and its 200 day moving average price is $43.23. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08. The stock has a market capitalization of $356.51 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.29 and a beta of 1.33. 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 (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) 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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.24%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 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.