Bank of Jackson Hole Trust Purchases New Position in Bank of America Co. (NYSE:BAC)

Bank of Jackson Hole Trust purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 17,796 shares of the financial services provider’s stock, valued at approximately $782,000.

Several other large investors have also recently added to or reduced their stakes in BAC. Collier Financial purchased a new position in Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% in the 4th 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 during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in Bank of America in the 4th quarter valued at about $42,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.46 on Wednesday. The firm’s 50-day moving average price is $45.79 and its two-hundred day moving average price is $43.23. Bank of America Co. has a 52-week low of $33.17 and a 52-week high of $48.08. The stock has a market capitalization of $356.51 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.27 and a beta of 1.33. 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 data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced 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 2.24%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio 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.