Lynx Investment Advisory Invests $285,000 in Bank of America Co. (NYSE:BAC)

Lynx Investment Advisory bought a new position in 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 (SEC). The firm bought 6,489 shares of the financial services provider’s stock, valued at approximately $285,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Collier Financial acquired a new position in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter valued at $29,000. Highline Wealth Partners LLC increased its holdings in Bank of America by 152.7% during the 4th 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 in the last quarter. Mascoma Wealth Management LLC grew its holdings in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $42,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Trading Down 0.0 %

Shares of Bank of America stock opened at $42.47 on Monday. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The stock has a market cap of $322.88 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.21 and a beta of 1.32. The stock’s 50 day simple moving average is $44.81 and its 200-day simple moving average is $43.81. 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 announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.