Flagship Wealth Advisors LLC Acquires New Holdings in Bank of America Co. (NYSE:BAC)

Flagship Wealth Advisors LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,516 shares of the financial services provider’s stock, valued at approximately $418,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Amundi raised its position in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Two Sigma Advisers LP grew its stake in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. Swedbank AB grew its stake in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. KBC Group NV grew its stake in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after buying an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after buying an additional 5,015,378 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Performance

Shares of Bank of America stock opened at $40.97 on Monday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The company has a market cap of $311.45 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50 day moving average price is $45.19 and its 200 day moving average price is $43.76.

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

Bank of America Announces Dividend

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 dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.54%. Bank of America’s payout ratio is 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.