Spire Wealth Management Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

Spire Wealth Management boosted its holdings in Bank of America Co. (NYSE:BAC) by 2.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 70,448 shares of the financial services provider’s stock after buying an additional 1,593 shares during the period. Spire Wealth Management’s holdings in Bank of America were worth $3,096,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Richardson Financial Services Inc. boosted its position in shares of Bank of America by 112.7% in the fourth quarter. Richardson Financial Services Inc. now owns 6,552 shares of the financial services provider’s stock worth $288,000 after acquiring an additional 3,471 shares during the last quarter. SYM FINANCIAL Corp boosted its holdings in shares of Bank of America by 9.4% in the 4th quarter. SYM FINANCIAL Corp now owns 15,985 shares of the financial services provider’s stock valued at $703,000 after purchasing an additional 1,379 shares during the last quarter. DAVENPORT & Co LLC grew its stake in shares of Bank of America by 2.3% during the 4th quarter. DAVENPORT & Co LLC now owns 380,739 shares of the financial services provider’s stock valued at $16,733,000 after buying an additional 8,379 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Bank of America by 2.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 198,148 shares of the financial services provider’s stock worth $8,709,000 after buying an additional 4,567 shares during the last quarter. Finally, Abundance Wealth Counselors raised its position in shares of Bank of America by 3.0% in the 4th quarter. Abundance Wealth Counselors now owns 23,480 shares of the financial services provider’s stock worth $1,032,000 after buying an additional 684 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $46.25 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a 50-day moving average of $45.83 and a 200-day moving average of $42.78. The company has a market capitalization of $354.84 billion, a P/E ratio of 14.36, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 earnings per share. Equities analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BAC shares. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

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.