Atlantic Edge Private Wealth Management LLC Has $1.70 Million Stake in Bank of America Co. (NYSE:BAC)

Atlantic Edge Private Wealth Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 0.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 38,653 shares of the financial services provider’s stock after selling 349 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Bank of America were worth $1,699,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BAC. Retirement Planning Group LLC raised its holdings in shares of Bank of America by 51.1% in the 3rd quarter. Retirement Planning Group LLC now owns 7,672 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 2,596 shares during the period. Exchange Traded Concepts LLC grew its stake in Bank of America by 30,139.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 234,052 shares of the financial services provider’s stock valued at $9,287,000 after buying an additional 233,278 shares in the last quarter. Gilman Hill Asset Management LLC purchased a new position in Bank of America in the 3rd quarter valued at approximately $409,000. CVA Family Office LLC grew its stake in Bank of America by 18.9% in the 3rd quarter. CVA Family Office LLC now owns 6,138 shares of the financial services provider’s stock valued at $244,000 after buying an additional 977 shares in the last quarter. Finally, Sound Income Strategies LLC grew its stake in Bank of America by 9.8% in the 3rd quarter. Sound Income Strategies LLC now owns 27,215 shares of the financial services provider’s stock valued at $1,080,000 after buying an additional 2,436 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Barclays upped their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.6 %

Shares of NYSE BAC opened at $46.65 on Tuesday. The company’s 50-day simple moving average is $45.77 and its 200-day simple moving average is $42.93. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $357.91 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company 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%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.70 EPS. Equities analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is 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.