Aire Advisors LLC Has $2.23 Million Position in Bank of America Co. (NYSE:BAC)

Aire Advisors LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 14.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,825 shares of the financial services provider’s stock after acquiring an additional 6,425 shares during the period. Aire Advisors LLC’s holdings in Bank of America were worth $2,234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at $29,000. Highline Wealth Partners LLC raised its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC lifted its holdings in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 1.5 %

NYSE BAC opened at $43.09 on Tuesday. 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 business has a fifty day simple moving average of $44.77 and a 200 day simple moving average of $43.83. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The firm has a market capitalization of $327.57 billion, a P/E ratio of 13.38, a PEG ratio of 1.21 and a beta of 1.32.

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 for the quarter, topping the consensus estimate of $0.77 by $0.05. The business 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 in the previous year, the company earned $0.70 earnings per share. On average, analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BAC shares. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. 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 report on Monday, January 6th. Morgan Stanley increased 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. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One research 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 data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.45.

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.