Stokes Family Office LLC Takes $258,000 Position in Bank of America Co. (NYSE:BAC)

Stokes Family Office LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,879 shares of the financial services provider’s stock, valued at approximately $258,000.

Other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System grew its position in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH grew its position in shares of Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Stock Performance

Shares of BAC stock opened at $42.24 on Thursday. The firm’s 50 day moving average price is $44.94 and its 200-day moving average price is $43.77. 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 one year low of $34.15 and a one year high of $48.08. The firm has a market cap of $321.10 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the business posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm 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. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Bank of America 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.