4,580 Shares in Bank of America Co. (NYSE:BAC) Acquired by PVG Asset Management Corp

PVG Asset Management Corp bought a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,580 shares of the financial services provider’s stock, valued at approximately $201,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc boosted its position 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 acquiring an additional 545,936 shares during the period. Graney & King LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. Finally, Vega Investment Solutions bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BAC. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Evercore ISI reduced their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Finally, Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $43.20 on Friday. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The firm has a market cap of $325.38 billion, a PE ratio of 13.42, 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. The business has a fifty day moving average of $40.34 and a 200-day moving average of $43.60.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts predict 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, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.