Ewing Morris & Co. Investment Partners Ltd. Buys Shares of 28,175 Bank of America Co. (NYSE:BAC)

Ewing Morris & Co. Investment Partners Ltd. purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 28,175 shares of the financial services provider’s stock, valued at approximately $1,238,000.

A number of other hedge funds have also recently modified their holdings of the business. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter worth about $25,000. Collier Financial purchased a new stake in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the 4th quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the fourth quarter valued at approximately $31,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 276 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Cfra Research upped their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Oppenheimer increased their target price on Bank of America from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Piper Sandler lowered their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.25.

Bank of America Trading Up 1.7 %

NYSE BAC opened at $41.62 on Friday. The stock has a market cap of $313.48 billion, a PE ratio of 12.93, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company’s 50-day moving average price is $39.70 and its 200-day moving average price is $43.48. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is 30.95%.

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.