Nixon Peabody Trust Co. Acquires 894 Shares of Bank of America Co. (NYSE:BAC)

Nixon Peabody Trust Co. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 301,391 shares of the financial services provider’s stock after purchasing an additional 894 shares during the quarter. Nixon Peabody Trust Co.’s holdings in Bank of America were worth $13,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of BAC. Swedbank AB lifted its holdings in Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares during the period. JFS Wealth Advisors LLC lifted its holdings in Bank of America by 202.1% in the third quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock valued at $735,000 after acquiring an additional 12,396 shares during the period. Reston Wealth Management LLC purchased a new stake in Bank of America in the third quarter worth about $99,000. Lincluden Management Ltd. increased its position in Bank of America by 0.9% in the third quarter. Lincluden Management Ltd. now owns 154,707 shares of the financial services provider’s stock worth $6,139,000 after buying an additional 1,363 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV increased its position in Bank of America by 7.6% in the third quarter. Creative Financial Designs Inc. ADV now owns 164,361 shares of the financial services provider’s stock worth $6,522,000 after buying an additional 11,612 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. 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 report on Friday, January 17th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Up 4.7 %

Shares of NYSE:BAC opened at $46.19 on Friday. Bank of America Co. has a 12-month low of $34.03 and a 12-month high of $48.08. The business’s fifty day simple moving average is $45.78 and its 200-day simple moving average is $43.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $354.37 billion, a PE ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s dividend payout ratio is currently 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.