Bank of America Co. (NYSE:BAC) Shares Bought by AlTi Global Inc.

AlTi Global Inc. grew its stake in Bank of America Co. (NYSE:BAC) by 7.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,454 shares of the financial services provider’s stock after buying an additional 3,705 shares during the period. AlTi Global Inc.’s holdings in Bank of America were worth $2,378,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% in the fourth 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. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the 4th quarter valued at about $31,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock opened at $41.08 on Friday. The firm has a market cap of $312.32 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a 50-day simple moving average of $40.01 and a 200-day simple moving average of $43.52.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BAC shares. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Evercore ISI lowered their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.25.

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.