Consolidated Portfolio Review Corp Buys 607 Shares of Bank of America Co. (NYSE:BAC)

Consolidated Portfolio Review Corp grew its stake in Bank of America Co. (NYSE:BAC) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,478 shares of the financial services provider’s stock after acquiring an additional 607 shares during the period. Consolidated Portfolio Review Corp’s holdings in Bank of America were worth $592,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Boston Common Asset Management LLC increased its stake in shares of Bank of America by 143.0% during the third quarter. Boston Common Asset Management LLC now owns 144,980 shares of the financial services provider’s stock valued at $5,753,000 after buying an additional 85,308 shares during the period. Watts Gwilliam & Co. LLC purchased a new stake in Bank of America in the third quarter worth about $2,500,000. Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Clarius Group LLC raised its holdings in shares of Bank of America by 1.1% in the 3rd quarter. Clarius Group LLC now owns 61,916 shares of the financial services provider’s stock valued at $2,442,000 after purchasing an additional 659 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC lifted its position in shares of Bank of America by 22.4% in the 3rd quarter. Franklin Street Advisors Inc. NC now owns 11,432 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 2,089 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

BAC stock opened at $47.43 on Friday. The company has a market capitalization of $363.89 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The firm’s fifty day simple moving average is $45.77 and its 200-day simple moving average is $42.88. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced 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. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. As a group, equities research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 2.19%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BAC shares. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

About Bank of America

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.