CVA Family Office LLC acquired a new position in shares of Bank of America Corp (NYSE:BAC) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,230 shares of the financial services provider’s stock, valued at approximately $219,000.
Several other hedge funds also recently made changes to their positions in BAC. Wealthquest Corp acquired a new position in Bank of America in the fourth quarter worth about $202,000. Intact Investment Management Inc. raised its holdings in shares of Bank of America by 11.5% during the fourth quarter. Intact Investment Management Inc. now owns 396,400 shares of the financial services provider’s stock worth $13,953,000 after acquiring an additional 40,900 shares during the period. Great Lakes Retirement Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $2,411,000. Fosun International Ltd acquired a new stake in shares of Bank of America during the fourth quarter worth $286,000. Finally, Belpointe Asset Management LLC raised its holdings in shares of Bank of America by 45.4% during the fourth quarter. Belpointe Asset Management LLC now owns 55,920 shares of the financial services provider’s stock worth $1,969,000 after acquiring an additional 17,461 shares during the period. Institutional investors and hedge funds own 71.53% of the company’s stock.
BAC has been the topic of a number of research analyst reports. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Tuesday, January 21st. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective for the company in a report on Tuesday, March 17th. BMO Capital Markets downgraded Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 target price for the company. in a research note on Thursday, January 2nd. Credit Suisse Group boosted their price target on shares of Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Thursday, January 16th. Finally, Argus restated a “buy” rating and issued a $39.00 price objective (up from $35.00) on shares of Bank of America in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $34.16.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. The firm had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, equities analysts forecast that Bank of America Corp will post 2.92 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.31%. Bank of America’s payout ratio is presently 24.49%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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