Brown Financial Advisors Buys 1,124 Shares of Bank of America Co. (NYSE:BAC)

Brown Financial Advisors raised its stake in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,591 shares of the financial services provider’s stock after buying an additional 1,124 shares during the quarter. Brown Financial Advisors’ holdings in Bank of America were worth $1,388,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BAC. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc boosted its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank purchased a new stake in Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America in the fourth quarter worth $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $44.48 on Tuesday. The firm’s 50 day simple moving average is $45.73 and its two-hundred day simple moving average is $43.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $341.25 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 1-year low of $33.53 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced 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 2.34%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Piper Sandler reduced their price objective 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. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One 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 company. According to data from MarketBeat.com, the stock currently 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.