Bank of America Co. (NYSE:BAC) Shares Purchased by Lantern Wealth Advisors LLC

Lantern Wealth Advisors LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 9.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,458 shares of the financial services provider’s stock after buying an additional 1,791 shares during the period. Lantern Wealth Advisors LLC’s holdings in Bank of America were worth $899,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc grew its stake 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 worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter worth $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.1%

Shares of Bank of America stock opened at $44.74 on Tuesday. 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 moving average price of $40.13 and a 200 day moving average price of $43.59. 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 company has a market cap of $336.98 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping 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 the consensus estimate of $26.83 billion. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Piper Sandler decreased their target price on 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. Oppenheimer raised their target price on Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Finally, Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.