Bank of America Co. (NYSE:BAC) Shares Purchased by Wright Investors Service Inc.

Wright Investors Service Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,417 shares of the financial services provider’s stock after acquiring an additional 564 shares during the period. Bank of America comprises 1.2% of Wright Investors Service Inc.’s portfolio, making the stock its 22nd largest holding. Wright Investors Service Inc.’s holdings in Bank of America were worth $3,798,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Black Diamond Financial LLC lifted its holdings in Bank of America by 6.5% in the 2nd quarter. Black Diamond Financial LLC now owns 23,032 shares of the financial services provider’s stock valued at $916,000 after purchasing an additional 1,397 shares in the last quarter. Sierra Summit Advisors LLC grew its stake in Bank of America by 136.2% in the 2nd quarter. Sierra Summit Advisors LLC now owns 20,314 shares of the financial services provider’s stock worth $808,000 after acquiring an additional 11,714 shares during the period. Menard Financial Group LLC raised its holdings in Bank of America by 20.9% in the 2nd quarter. Menard Financial Group LLC now owns 17,576 shares of the financial services provider’s stock valued at $699,000 after acquiring an additional 3,044 shares during the last quarter. Citizens Financial Group Inc. RI lifted its stake in shares of Bank of America by 622.2% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 709,166 shares of the financial services provider’s stock worth $28,204,000 after purchasing an additional 610,977 shares during the period. Finally, Wulff Hansen & CO. boosted its holdings in shares of Bank of America by 3,720.6% during the second quarter. Wulff Hansen & CO. now owns 2,025,221 shares of the financial services provider’s stock worth $80,543,000 after purchasing an additional 1,972,213 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.0 %

Bank of America stock opened at $45.09 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The firm’s 50 day moving average price is $45.61 and its two-hundred day moving average price is $42.27. The firm has a market cap of $345.97 billion, a PE ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.26 dividend. 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 currently 37.82%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price 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. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Finally, Truist Financial initiated coverage on Bank of America in a report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.