MFG Wealth Management Inc. Purchases Shares of 39,609 Bank of America Co. (NYSE:BAC)

MFG Wealth Management Inc. bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 39,609 shares of the financial services provider’s stock, valued at approximately $1,741,000.

Several other institutional investors have also bought and sold shares of BAC. Lederer & Associates Investment Counsel CA grew its holdings in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares during the last quarter. Marino Stram & Associates LLC boosted its holdings in shares of Bank of America by 1.7% during 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 grew its stake 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 last quarter. Traveka Wealth LLC increased its holdings in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 226 shares during the period. Finally, Longfellow Investment Management Co. LLC raised its position in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Finally, Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Down 1.2 %

NYSE BAC opened at $46.21 on Thursday. Bank of America Co. has a 12 month low of $32.35 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’s fifty day moving average price is $45.77 and its 200-day moving average price is $43.00. The stock has a market cap of $354.56 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 firm posted $0.70 EPS. As a group, equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 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.