7,383 Shares in Bank of America Co. (NYSE:BAC) Acquired by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. bought a new stake 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 institutional investor bought 7,383 shares of the financial services provider’s stock, valued at approximately $324,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brown Miller Wealth Management LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $211,000. Mechanics Bank Trust Department grew its position in Bank of America by 7.6% in the third quarter. Mechanics Bank Trust Department now owns 31,198 shares of the financial services provider’s stock worth $1,238,000 after acquiring an additional 2,206 shares during the period. City State Bank increased its stake in Bank of America by 5.5% during the third quarter. City State Bank now owns 16,341 shares of the financial services provider’s stock worth $648,000 after acquiring an additional 854 shares during the last quarter. Cardinal Capital Management Inc. raised its position in Bank of America by 8.2% in the third quarter. Cardinal Capital Management Inc. now owns 8,432 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 642 shares during the period. Finally, Retirement Planning Group LLC lifted its stake in shares of Bank of America by 51.1% in the 3rd quarter. Retirement Planning Group LLC now owns 7,672 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 2,596 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $47.43 on Monday. 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 fifty day simple moving average of $45.77 and a 200-day simple moving average of $42.92. The stock has a market cap of $363.89 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Piper Sandler lowered their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.