Bank of America Co. (NYSE:BAC) Shares Purchased by Sargent Investment Group LLC

Sargent Investment Group LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 37.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,628 shares of the financial services provider’s stock after purchasing an additional 22,027 shares during the quarter. Sargent Investment Group LLC’s holdings in Bank of America were worth $3,678,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC lifted its holdings in 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 acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.1 %

Shares of NYSE:BAC opened at $46.73 on Wednesday. The company has a market cap of $358.57 billion, a price-to-earnings ratio of 14.51, 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. The firm’s 50-day simple moving average is $45.81 and its 200-day simple moving average is $42.79. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley boosted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.