Keystone Financial Services Acquires 356 Shares of Bank of America Co. (NYSE:BAC)

Keystone Financial Services boosted its holdings in Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,328 shares of the financial services provider’s stock after purchasing an additional 356 shares during the period. Keystone Financial Services’ holdings in Bank of America were worth $498,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Collier Financial purchased a new stake in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc lifted its position in 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 valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank bought a new stake in Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $42,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.4 %

Shares of NYSE:BAC opened at $46.98 on Monday. Bank of America Co. has a 12-month low of $32.49 and a 12-month high of $48.08. 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 stock has a fifty day simple moving average of $45.75 and a two-hundred day simple moving average of $43.10. The stock has a market capitalization of $360.47 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.