Global Wealth Management Investment Advisory Inc. Has $10.25 Million Holdings in Bank of America Co. (NYSE:BAC)

Global Wealth Management Investment Advisory Inc. grew its position in Bank of America Co. (NYSE:BAC) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 233,160 shares of the financial services provider’s stock after acquiring an additional 3,871 shares during the period. Bank of America accounts for 2.1% of Global Wealth Management Investment Advisory Inc.’s portfolio, making the stock its 13th largest holding. Global Wealth Management Investment Advisory Inc.’s holdings in Bank of America were worth $10,247,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brown Miller Wealth Management LLC bought a new position in Bank of America in the 3rd quarter valued at $211,000. Mechanics Bank Trust Department boosted its holdings in Bank of America by 7.6% in the third quarter. Mechanics Bank Trust Department now owns 31,198 shares of the financial services provider’s stock valued at $1,238,000 after acquiring an additional 2,206 shares during the last quarter. City State Bank increased its position in Bank of America by 5.5% in the third quarter. City State Bank now owns 16,341 shares of the financial services provider’s stock worth $648,000 after purchasing an additional 854 shares during the period. Cardinal Capital Management Inc. raised its holdings in Bank of America by 8.2% during the 3rd quarter. Cardinal Capital Management Inc. now owns 8,432 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 642 shares during the last quarter. Finally, Retirement Planning Group LLC lifted its position in Bank of America by 51.1% during the 3rd quarter. Retirement Planning Group LLC now owns 7,672 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 2,596 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. Piper Sandler dropped their price target 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. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Oppenheimer raised their target price 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, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

NYSE BAC opened at $47.43 on Monday. The firm’s fifty day moving average price is $45.77 and its two-hundred day moving average price is $42.92. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The firm has a market capitalization of $363.89 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. 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 Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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.