Bank of America Co. (NYSE:BAC) Shares Purchased by Gold Investment Management Ltd.

Gold Investment Management Ltd. raised its stake in Bank of America Co. (NYSE:BAC) by 0.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 90,920 shares of the financial services provider’s stock after purchasing an additional 292 shares during the quarter. Bank of America comprises about 1.7% of Gold Investment Management Ltd.’s investment portfolio, making the stock its 17th biggest position. Gold Investment Management Ltd.’s holdings in Bank of America were worth $3,996,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Collier Financial acquired a new position in Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter worth $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Mascoma Wealth Management LLC raised its stake in shares of Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter worth $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $40.97 on Monday. The stock has a fifty day moving average price of $45.19 and a 200 day moving average price of $43.76. Bank of America Co. has a 1-year low of $34.15 and a 1-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 company has a market cap of $311.45 billion, a PE ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of analyst reports. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.