Viewpoint Capital Management LLC Acquires 3,840 Shares of Bank of America Co. (NYSE:BAC)

Viewpoint Capital Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 2.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 164,919 shares of the financial services provider’s stock after purchasing an additional 3,840 shares during the quarter. Bank of America accounts for approximately 3.8% of Viewpoint Capital Management LLC’s investment portfolio, making the stock its 5th biggest holding. Viewpoint Capital Management LLC’s holdings in Bank of America were worth $7,248,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. TFB Advisors LLC boosted its holdings in Bank of America by 3.8% during the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock worth $279,000 after buying an additional 230 shares in the last quarter. Capital Advisors Inc. OK increased its stake in shares of Bank of America by 0.9% in the 4th quarter. Capital Advisors Inc. OK now owns 43,226 shares of the financial services provider’s stock valued at $1,900,000 after purchasing an additional 393 shares in the last quarter. Certuity LLC raised its holdings in Bank of America by 0.5% in the 4th quarter. Certuity LLC now owns 500,718 shares of the financial services provider’s stock worth $22,007,000 after purchasing an additional 2,362 shares during the period. Indiana Trust & Investment Management Co raised its holdings in Bank of America by 3.1% in the 4th quarter. Indiana Trust & Investment Management Co now owns 7,836 shares of the financial services provider’s stock worth $344,000 after purchasing an additional 236 shares during the period. Finally, Community Financial Services Group LLC lifted its position in shares of Bank of America by 6.0% during the 4th quarter. Community Financial Services Group LLC now owns 124,589 shares of the financial services provider’s stock valued at $5,476,000 after buying an additional 7,065 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC opened at $46.80 on Wednesday. The business’s 50-day moving average price is $45.77 and its 200 day moving average price is $42.96. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.70 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BAC shares. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.