CIBC Private Wealth Group LLC Acquires 8,158 Shares of Bank of America Co. (NYSE:BAC)

CIBC Private Wealth Group LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 2.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 406,033 shares of the financial services provider’s stock after buying an additional 8,158 shares during the period. CIBC Private Wealth Group LLC’s holdings in Bank of America were worth $13,671,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new position in Bank of America in the 3rd quarter valued at approximately $25,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at $32,000. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after buying an additional 862 shares during the period. ZRC Wealth Management LLC lifted its holdings in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the period. Finally, Private Ocean LLC lifted its holdings in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAC. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Piper Sandler upped their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.26.

View Our Latest Stock Report on Bank of America

Bank of America Trading Up 0.7 %

Shares of BAC stock opened at $39.96 on Thursday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.19. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $312.50 billion, a PE ratio of 13.83, a PEG ratio of 1.75 and a beta of 1.36. The stock has a fifty day simple moving average of $37.96 and a two-hundred day simple moving average of $34.99.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.40%. Bank of America’s payout ratio is 33.22%.

Bank of America Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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