Bank of America Co. (NYSE:BAC) Shares Bought by Marcum Wealth LLC

Marcum Wealth LLC grew its position in Bank of America Co. (NYSE:BAC) by 3.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,279 shares of the financial services provider’s stock after acquiring an additional 1,333 shares during the quarter. Marcum Wealth LLC’s holdings in Bank of America were worth $1,682,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Geode Capital Management LLC increased its stake in Bank of America by 1.2% during the third 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 purchasing an additional 1,700,141 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after buying an additional 895,884 shares during the period. Fisher Asset Management LLC grew its position in shares of Bank of America by 4.0% during the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after buying an additional 1,731,003 shares during the last quarter. Sanders Capital LLC raised its stake in Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after acquiring an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its holdings in Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial initiated coverage on shares of Bank of America in a report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

NYSE:BAC opened at $45.09 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average of $45.61 and a 200-day moving average of $42.27. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The firm has a market cap of $345.97 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

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.