Kaufman Rossin Wealth LLC Buys Shares of 4,665 Bank of America Co. (NYSE:BAC)

Kaufman Rossin Wealth LLC acquired a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,665 shares of the financial services provider’s stock, valued at approximately $205,000.

A number of other institutional investors have also made changes to their positions in BAC. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC grew its stake 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 valued at $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc increased 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 worth $40,000 after buying an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the third quarter valued at $45,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. 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 report on Tuesday, January 7th. Finally, Evercore ISI cut their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

BAC opened at $46.74 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The firm has a market cap of $358.59 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The business’s fifty day moving average is $45.83 and its 200-day moving average is $42.70.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed 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 2.23%. Bank of America’s dividend payout ratio is currently 32.30%.

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.