Leo Wealth LLC Increases Position in Bank of America Co. (NYSE:BAC)

Leo Wealth LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,600 shares of the financial services provider’s stock after buying an additional 604 shares during the quarter. Leo Wealth LLC’s holdings in Bank of America were worth $554,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Accent Capital Management LLC boosted its stake in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments boosted its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC grew its holdings in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Clarendon Private LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $798,000. Finally, Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Wells Fargo & Company raised their target price 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. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Truist Financial increased their price target 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. Evercore ISI cut their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 0.7 %

Shares of NYSE BAC opened at $47.43 on Friday. The company has a market cap of $363.89 billion, a P/E ratio of 14.73, a PEG ratio of 1.26 and a beta of 1.33. The firm has a 50-day simple moving average of $45.77 and a two-hundred day simple moving average of $42.88. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 2.19%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

About Bank of America

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.