Slagle Financial LLC Purchases 757 Shares of Bank of America Co. (NYSE:BAC)

Slagle Financial LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,173 shares of the financial services provider’s stock after purchasing an additional 757 shares during the period. Bank of America makes up 1.3% of Slagle Financial LLC’s portfolio, making the stock its 28th largest holding. Slagle Financial LLC’s holdings in Bank of America were worth $2,996,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Algert Global LLC bought a new position in Bank of America in the 3rd quarter worth about $606,000. Freedom Investment Management Inc. grew its stake in Bank of America by 14.5% in the 3rd quarter. Freedom Investment Management Inc. now owns 30,917 shares of the financial services provider’s stock worth $1,227,000 after acquiring an additional 3,910 shares in the last quarter. Bridgewater Associates LP purchased a new position in shares of Bank of America during the third quarter worth approximately $13,162,000. Finally, Blueshift Asset Management LLC bought a new stake in shares of Bank of America during the third quarter valued at approximately $427,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.5 %

Bank of America stock opened at $42.61 on Friday. The business’s 50-day simple moving average is $44.55 and its two-hundred day simple moving average is $43.85. 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 company has a market cap of $323.96 billion, a PE ratio of 13.23, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. 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 prior year, the company earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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 issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

Several research firms have commented on BAC. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. 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. Finally, Barclays upped 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 report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.45.

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.