Wealth Management Nebraska Acquires New Position in Bank of America Co. (NYSE:BAC)

Wealth Management Nebraska bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, HoldingsChannel reports. The fund bought 4,663 shares of the financial services provider’s stock, valued at approximately $205,000.

A number of other institutional investors also recently modified their holdings of BAC. Two Sigma Advisers LP raised its holdings in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. Swedbank AB increased its position in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after purchasing an additional 5,733,810 shares during the last quarter. KBC Group NV raised its stake in shares of Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $174,858,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BAC. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 1.1 %

Shares of BAC stock opened at $44.80 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $33.37 and a 1 year high of $48.08. The firm’s fifty day simple moving average is $45.75 and its 200 day simple moving average is $43.32. The firm has a market capitalization of $343.71 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33.

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, 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s dividend payout ratio 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.