Wealthstar Advisors LLC Buys Shares of 17,630 Bank of America Co. (NYSE:BAC)

Wealthstar Advisors LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 17,630 shares of the financial services provider’s stock, valued at approximately $775,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the fourth quarter worth $42,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the third quarter worth $45,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Bank of America in the 4th quarter valued at $70,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Piper Sandler lowered their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Morgan Stanley boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.7 %

BAC opened at $47.43 on Monday. The firm’s 50 day simple moving average is $45.77 and its two-hundred day simple moving average is $42.92. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $363.89 billion, a PE ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.19%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Bank of America Company 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.