Avidian Wealth Enterprises LLC Buys 949 Shares of Bank of America Co. (NYSE:BAC)

Avidian Wealth Enterprises LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 31,493 shares of the financial services provider’s stock after acquiring an additional 949 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Bank of America were worth $1,384,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. CX Institutional lifted its holdings in shares of Bank of America by 5.3% during the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after acquiring an additional 1,667 shares during the period. Wesbanco Bank Inc. lifted its holdings in shares of Bank of America by 0.9% during the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after acquiring an additional 348 shares during the period. Occidental Asset Management LLC lifted its holdings in shares of Bank of America by 13.7% during the 3rd quarter. Occidental Asset Management LLC now owns 9,787 shares of the financial services provider’s stock worth $388,000 after acquiring an additional 1,183 shares during the period. Swedbank AB lifted its holdings in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares during the period. Finally, Lynch & Associates IN lifted its holdings in shares of Bank of America by 0.6% during the 3rd quarter. Lynch & Associates IN now owns 146,957 shares of the financial services provider’s stock worth $5,831,000 after acquiring an additional 906 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. Piper Sandler dropped their target price 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. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. 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. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Finally, Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 1.2 %

Shares of NYSE:BAC opened at $46.21 on Thursday. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company has a 50 day moving average of $45.77 and a 200-day moving average of $43.00. 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 stock has a market cap of $354.56 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current 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 of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

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.