Kanawha Capital Management LLC Buys 2,010 Shares of Bank of America Co. (NYSE:BAC)

Kanawha Capital Management LLC increased its stake in Bank of America Co. (NYSE:BAC) by 11.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 19,675 shares of the financial services provider’s stock after acquiring an additional 2,010 shares during the period. Kanawha Capital Management LLC’s holdings in Bank of America were worth $865,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Asset Planning Inc bought a new stake in shares of Bank of America during the fourth quarter worth $220,000. Vicus Capital lifted its position in shares of Bank of America by 4.7% during the fourth quarter. Vicus Capital now owns 10,759 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 480 shares during the last quarter. Palacios Wealth Management LLC bought a new stake in shares of Bank of America during the fourth quarter worth $258,000. Root Financial Partners LLC lifted its position in shares of Bank of America by 49.8% during the fourth quarter. Root Financial Partners LLC now owns 7,639 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 2,538 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Bank of America by 8.9% during the fourth quarter. Vontobel Holding Ltd. now owns 226,384 shares of the financial services provider’s stock worth $9,950,000 after purchasing an additional 18,423 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target 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 given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.32 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $355.40 billion, a PE ratio of 14.38, a P/E/G ratio of 1.29 and a beta of 1.33. The business has a 50-day simple moving average of $45.76 and a two-hundred day simple moving average of $43.02. Bank of America Co. has a fifty-two week low of $32.49 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the company earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

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