Bank of America Co. (NYSE:BAC) Shares Acquired by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 32.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 56,248 shares of the financial services provider’s stock after purchasing an additional 13,927 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $2,472,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Sentinel Trust Co. LBA raised its position in shares of Bank of America by 23.4% during the 4th quarter. Sentinel Trust Co. LBA now owns 27,905 shares of the financial services provider’s stock worth $1,226,000 after purchasing an additional 5,285 shares during the period. Fusion Capital LLC grew its holdings in Bank of America by 2.2% in the 4th quarter. Fusion Capital LLC now owns 185,066 shares of the financial services provider’s stock worth $8,134,000 after buying an additional 3,918 shares in the last quarter. Fort Sheridan Advisors LLC grew its holdings in Bank of America by 6.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 43,375 shares of the financial services provider’s stock worth $1,906,000 after buying an additional 2,752 shares in the last quarter. HC Advisors LLC grew its holdings in Bank of America by 15.3% in the 4th quarter. HC Advisors LLC now owns 10,104 shares of the financial services provider’s stock worth $444,000 after buying an additional 1,339 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in Bank of America by 3.9% in the 4th quarter. QRG Capital Management Inc. now owns 932,015 shares of the financial services provider’s stock worth $40,962,000 after buying an additional 35,212 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Piper Sandler decreased 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. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

BAC opened at $44.17 on Friday. The firm has a market cap of $338.87 billion, a PE ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $45.74 and a 200-day simple moving average of $43.50. Bank of America Co. has a fifty-two week low of $34.03 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company posted $0.70 EPS. As a group, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s payout ratio is currently 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.