Evoke Wealth LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Evoke Wealth LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 30.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,360 shares of the financial services provider’s stock after purchasing an additional 10,711 shares during the quarter. Evoke Wealth LLC’s holdings in Bank of America were worth $1,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Lederer & Associates Investment Counsel CA increased its position in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares in the last quarter. Avalon Trust Co grew its holdings in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC grew its holdings in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC grew its holdings in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management grew its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on BAC shares. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Stock Performance

Bank of America stock opened at $41.61 on Wednesday. The stock’s 50 day moving average price is $45.02 and its 200 day moving average price is $43.78. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The firm has a market capitalization of $316.37 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the company posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal 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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend 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.