Bank of America Co. (NYSE:BAC) Shares Bought by Enterprise Bank & Trust Co

Enterprise Bank & Trust Co grew its position in Bank of America Co. (NYSE:BAC) by 3.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,107 shares of the financial services provider’s stock after acquiring an additional 534 shares during the quarter. Enterprise Bank & Trust Co’s holdings in Bank of America were worth $708,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Harbour Capital Advisors LLC increased its holdings in shares of Bank of America by 1.0% in the 4th quarter. Harbour Capital Advisors LLC now owns 75,417 shares of the financial services provider’s stock valued at $3,379,000 after acquiring an additional 715 shares during the last quarter. JCIC Asset Management Inc. increased its holdings in shares of Bank of America by 9.4% in the 4th quarter. JCIC Asset Management Inc. now owns 8,430 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 725 shares during the last quarter. Cooper Financial Group increased its holdings in shares of Bank of America by 13.8% in the 4th quarter. Cooper Financial Group now owns 44,441 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 5,388 shares during the last quarter. Wedmont Private Capital increased its holdings in shares of Bank of America by 13.2% in the 4th quarter. Wedmont Private Capital now owns 66,232 shares of the financial services provider’s stock valued at $2,988,000 after acquiring an additional 7,708 shares during the last quarter. Finally, Westmount Partners LLC grew its stake in Bank of America by 10.3% during the 4th quarter. Westmount Partners LLC now owns 22,445 shares of the financial services provider’s stock worth $986,000 after buying an additional 2,094 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BAC. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Evercore ISI upped their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.10 during trading on Monday, hitting $45.01. The stock had a trading volume of 20,325,190 shares, compared to its average volume of 31,558,240. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $345.36 billion, a P/E ratio of 16.37, a PEG ratio of 1.55 and a beta of 1.33. The business has a fifty day moving average of $45.53 and a two-hundred day moving average of $42.22. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

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.