Soltis Investment Advisors LLC Grows Stock Position in Bank of America Co. (NYSE:BAC)

Soltis Investment Advisors LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,117 shares of the financial services provider’s stock after acquiring an additional 1,035 shares during the quarter. Soltis Investment Advisors LLC’s holdings in Bank of America were worth $840,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the 4th quarter worth approximately $42,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at approximately $45,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $70,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on BAC. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial increased 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. Finally, Citigroup upgraded 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 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.65 on Tuesday. 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. The business’s fifty day moving average price is $45.77 and its two-hundred day moving average price is $42.93. The firm has a market capitalization of $357.91 billion, a PE ratio of 14.49, a P/E/G 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 for the quarter, topping the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The firm 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 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.