Greykasell Wealth Strategies Inc. Takes Position in Bank of America Co. (NYSE:BAC)

Greykasell Wealth Strategies Inc. acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 7,281 shares of the financial services provider’s stock, valued at approximately $320,000.

Other large investors also recently added to or reduced their stakes in the company. Collier Financial purchased a new position in shares of Bank of America during the fourth quarter valued at $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $29,000. Highline Wealth Partners LLC lifted its position in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its holdings in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 3.3 %

Shares of BAC stock opened at $40.97 on Friday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. 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 fifty day moving average price of $45.19 and a 200 day moving average price of $43.71. The stock has a market cap of $311.45 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. 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. Analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of several research reports. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Oppenheimer raised their price target 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. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Company 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.