Solitude Financial Services Invests $205,000 in Bank of America Co. (NYSE:BAC)

Solitude Financial Services bought a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,656 shares of the financial services provider’s stock, valued at approximately $205,000.

A number of other large investors also recently made changes to their positions in the company. Amundi grew its holdings in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares during the period. Swedbank AB grew its stake in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. KBC Group NV increased its position in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after purchasing an additional 5,015,378 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of analyst reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler dropped 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. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a report on Friday. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Price Performance

Shares of BAC opened at $41.39 on Monday. The business has a 50-day simple moving average of $45.61 and a two-hundred day simple moving average of $43.75. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The stock has a market cap of $314.72 billion, a PE ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 2.51%. 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.