Fairway Wealth LLC Invests $29,000 in Bank of America Co. (NYSE:BAC)

Fairway Wealth LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 653 shares of the financial services provider’s stock, valued at approximately $29,000.

Several other institutional investors have also modified their holdings of the stock. Cornerstone Advisors LLC lifted its position in shares of Bank of America by 1.2% during the 4th quarter. Cornerstone Advisors LLC now owns 500,300 shares of the financial services provider’s stock worth $21,988,000 after buying an additional 5,700 shares during the last quarter. King Luther Capital Management Corp raised its position in Bank of America by 0.3% in the 4th quarter. King Luther Capital Management Corp now owns 7,434,169 shares of the financial services provider’s stock valued at $326,732,000 after purchasing an additional 20,835 shares during the last quarter. Citizens Financial Group Inc. RI raised its position in Bank of America by 3.3% in the 4th quarter. Citizens Financial Group Inc. RI now owns 1,040,862 shares of the financial services provider’s stock valued at $45,746,000 after purchasing an additional 33,693 shares during the last quarter. Net Worth Advisory Group raised its position in Bank of America by 78.1% in the 4th quarter. Net Worth Advisory Group now owns 10,409 shares of the financial services provider’s stock valued at $457,000 after purchasing an additional 4,566 shares during the last quarter. Finally, Riverbend Wealth Management LLC purchased a new stake in Bank of America in the 4th quarter valued at $991,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $39.79 on Tuesday. The stock has a market cap of $302.55 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company’s 50-day moving average price is $45.53 and its 200 day moving average price is $43.76. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.7 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 issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.61%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

Several analysts recently commented on BAC shares. 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. 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 research report on Friday, January 17th. Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a research report on Friday. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.