Promus Capital LLC Buys Shares of 3,054 Bank of America Co. (NYSE:BAC)

Promus Capital LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,054 shares of the financial services provider’s stock, valued at approximately $134,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Lederer & Associates Investment Counsel CA raised its holdings in 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 valued at $879,000 after acquiring an additional 217 shares during the period. Prossimo Advisors LLC increased its holdings in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC increased its holdings in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 222 shares during the period. Keudell Morrison Wealth Management increased its holdings in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the period. Finally, Traveka Wealth LLC increased its holdings in shares of Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $42.27 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50-day simple moving average of $45.73 and a two-hundred day simple moving average of $43.69. The firm has a market cap of $321.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BAC shares. Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Morgan Stanley upped their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.