Millstone Evans Group LLC Takes Position in Bank of America Co. (NYSE:BAC)

Millstone Evans Group LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 12,427 shares of the financial services provider’s stock, valued at approximately $546,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Mascoma Wealth Management LLC increased its stake in shares of Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after buying an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the 4th quarter worth $42,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $42.47 on Friday. The firm has a market cap of $322.88 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock’s 50-day moving average is $44.81 and its 200-day moving average is $43.77. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly 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. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 earnings per share. Equities 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 business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent research reports. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. UBS Group upgraded 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 report on Tuesday, January 7th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Morgan Stanley raised their price target on 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. Finally, Piper Sandler reduced their price target 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

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.