Lederer & Associates Investment Counsel CA lifted its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 20,000 shares of the financial services provider’s stock after acquiring an additional 217 shares during the period. Lederer & Associates Investment Counsel CA’s holdings in Bank of America were worth $879,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kennebec Savings Bank purchased a new position in Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America during the 4th quarter worth approximately $42,000. Christopher J. Hasenberg Inc raised its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America during the 3rd quarter worth approximately $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.
Bank of America Trading Down 1.0 %
Shares of BAC stock opened at $46.25 on Monday. The stock’s fifty day moving average is $45.83 and its two-hundred day moving average is $42.78. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $354.84 billion, a P/E ratio of 14.36, a PEG ratio of 1.26 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.
Bank of America Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is presently 32.30%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on BAC shares. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Phillip Securities raised 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 note on Friday, October 18th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.
Get Our Latest Research Report on Bank of America
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.
See Also
- Five stocks we like better than Bank of America
- How to Calculate Return on Investment (ROI)
- 3 Underrated Robotics Stocks Poised for Major Growth
- What is MarketRankā¢? How to Use it
- Reshoring Riches: Investing in Made in America 2.0
- What Are Dividend Achievers? An Introduction
- 3 REITs to Watch as Interest Rates Keep Falling
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC – Free Report).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.