Bank of America Co. (NYSE:BAC) Shares Bought by Cullen Investment Group LTD.

Cullen Investment Group LTD. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,243 shares of the financial services provider’s stock after acquiring an additional 280 shares during the period. Cullen Investment Group LTD.’s holdings in Bank of America were worth $1,725,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at $27,000. Kennebec Savings Bank purchased a new position in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC raised its position in 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 valued at $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $45,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Truist Financial began coverage on shares of Bank of America in a research report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Trading Down 0.0 %

Shares of BAC stock opened at $45.09 on Tuesday. The company’s fifty day simple moving average is $45.61 and its two-hundred day simple moving average is $42.27. 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. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. As a group, analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s payout ratio is presently 37.82%.

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.