Bank of America Co. (NYSE:BAC) Shares Purchased by Argyle Capital Management LLC

Argyle Capital Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 2.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 92,892 shares of the financial services provider’s stock after acquiring an additional 2,133 shares during the quarter. Bank of America accounts for about 1.6% of Argyle Capital Management LLC’s portfolio, making the stock its 16th biggest holding. Argyle Capital Management LLC’s holdings in Bank of America were worth $4,083,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter worth about $29,000. Highline Wealth Partners LLC increased its stake 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 worth $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Bank of America during the fourth quarter valued at about $42,000. Finally, POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 1,306.5% in the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,006 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 0.5 %

NYSE:BAC opened at $44.17 on Friday. The company’s 50 day moving average is $45.74 and its 200-day moving average is $43.50. 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 Co. has a 12 month low of $34.03 and a 12 month high of $48.08. The firm has a market cap of $338.87 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BAC shares. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company 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.