Raleigh Capital Management Inc. reduced its stake in Bank of America Co. (NYSE:BAC) by 33.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,845 shares of the financial services provider’s stock after selling 7,514 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Bank of America were worth $500,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of BAC. Fortis Group Advisors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $25,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $32,000. Mark Sheptoff Financial Planning LLC increased its holdings in Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the period. ZRC Wealth Management LLC raised its position in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC boosted its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on BAC. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Piper Sandler boosted their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Finally, JPMorgan Chase & Co. increased their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $39.79.
View Our Latest Report on Bank of America
Bank of America Price Performance
Bank of America stock opened at $39.24 on Friday. The company has a fifty day simple moving average of $38.23 and a 200-day simple moving average of $35.47. The firm has a market capitalization of $306.87 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.74 and a beta of 1.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.19.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the company earned $0.94 EPS. Bank of America’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.
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.
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Source: defenseworld.net
