Lansing Street Advisors Increases Stake in Bank of America Co. (NYSE:BAC)

Lansing Street Advisors increased its holdings in Bank of America Co. (NYSE:BAC) by 1.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,374 shares of the financial services provider’s stock after purchasing an additional 294 shares during the period. Lansing Street Advisors’ holdings in Bank of America were worth $1,027,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Howard Capital Management Inc. boosted its position in Bank of America by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 47,054 shares of the financial services provider’s stock valued at $2,068,000 after buying an additional 2,406 shares during the period. WESPAC Advisors LLC boosted its position in Bank of America by 35.8% during the 4th quarter. WESPAC Advisors LLC now owns 19,035 shares of the financial services provider’s stock valued at $837,000 after buying an additional 5,013 shares during the period. TCW Group Inc. boosted its position in Bank of America by 1.4% during the 4th quarter. TCW Group Inc. now owns 93,594 shares of the financial services provider’s stock valued at $4,113,000 after buying an additional 1,301 shares during the period. Fisher Funds Management LTD purchased a new stake in Bank of America during the 4th quarter valued at $7,936,000. Finally, Pinnacle Financial Partners Inc boosted its position in Bank of America by 0.3% during the 4th quarter. Pinnacle Financial Partners Inc now owns 441,079 shares of the financial services provider’s stock valued at $17,715,000 after buying an additional 1,345 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. 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. Finally, Truist Financial raised 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. 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 1.1 %

Shares of Bank of America stock opened at $44.80 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50-day moving average of $45.75 and a 200 day moving average of $43.37. The firm has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. Bank of America Co. has a 1 year low of $33.37 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates 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 period last year, the business earned $0.70 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. Bank of America’s dividend payout ratio is currently 32.30%.

Bank of America Profile

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.