Gleason Group Inc. Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

Gleason Group Inc. grew its stake in Bank of America Co. (NYSE:BAC) by 0.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,957 shares of the financial services provider’s stock after purchasing an additional 523 shares during the quarter. Bank of America comprises about 0.8% of Gleason Group Inc.’s holdings, making the stock its 16th biggest holding. Gleason Group Inc.’s holdings in Bank of America were worth $4,349,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Traveka Wealth LLC boosted its holdings in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after buying an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC boosted its stake in Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its holdings in shares of Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the last quarter. Integrity Financial Corp WA lifted its stake in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the last quarter. Finally, Cahill Financial Advisors Inc. raised its position in Bank of America by 2.1% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Truist Financial began coverage on Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price for the company. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, Oppenheimer reduced their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Price Performance

Shares of Bank of America stock opened at $45.09 on Tuesday. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The firm has a fifty day simple moving average of $45.61 and a 200-day simple moving average of $42.27. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $345.97 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company earned $0.90 EPS. The business’s quarterly revenue was up .4% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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.