Bank of America Co. (NYSE:BAC) Shares Bought by Unisphere Establishment

Unisphere Establishment raised its position in shares of Bank of America Co. (NYSE:BAC) by 26.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 240,750 shares of the financial services provider’s stock after purchasing an additional 50,750 shares during the quarter. Unisphere Establishment’s holdings in Bank of America were worth $10,581,000 at the end of the most recent reporting period.

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

Bank of America Stock Performance

NYSE BAC opened at $40.00 on Wednesday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm’s 50 day simple moving average is $40.25 and its 200 day simple moving average is $43.56. 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 firm has a market capitalization of $304.11 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last issued 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. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 annualized dividend and a yield of 2.60%. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Barclays decreased their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Truist Financial dropped 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 note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.