6,026 Shares in Bank of America Co. (NYSE:BAC) Purchased by Sunbeam Capital Management LLC

Sunbeam Capital Management LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,026 shares of the financial services provider’s stock, valued at approximately $265,000.

A number of other hedge funds also recently bought and sold shares of the company. Challenger Wealth Management purchased a new position in shares of Bank of America in the fourth quarter worth approximately $318,000. Ascent Group LLC grew its position in Bank of America by 14.2% during the 4th quarter. Ascent Group LLC now owns 148,969 shares of the financial services provider’s stock worth $6,547,000 after purchasing an additional 18,486 shares in the last quarter. Putney Financial Group LLC purchased a new position in Bank of America during the 4th quarter worth approximately $303,000. PVG Asset Management Corp purchased a new position in Bank of America during the 4th quarter worth approximately $201,000. Finally, Forum Financial Management LP lifted its holdings in shares of Bank of America by 11.2% in the fourth quarter. Forum Financial Management LP now owns 104,062 shares of the financial services provider’s stock valued at $4,574,000 after purchasing an additional 10,482 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BAC shares. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Piper Sandler decreased their price objective 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. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Trading Down 0.3%

Shares of NYSE:BAC opened at $43.20 on Friday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm has a fifty day moving average price of $40.34 and a 200 day moving average price of $43.60. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $325.38 billion, a PE ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 return on equity of 10.29% and a net margin of 14.10%. Analysts expect that Bank of America Co. will post 3.7 EPS 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. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s payout ratio is currently 30.95%.

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.