Waterfront Wealth Inc. Has $864,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Waterfront Wealth Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,652 shares of the financial services provider’s stock after purchasing an additional 1,645 shares during the period. Waterfront Wealth Inc.’s holdings in Bank of America were worth $864,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of BAC. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc raised its stake in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in shares of 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 valued at $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.80 on Friday. The company has a market capitalization of $343.71 billion, a PE ratio of 13.91, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $33.37 and a twelve month high of $48.08. The firm has a fifty day simple moving average of $45.75 and a 200 day simple moving average of $43.32.

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 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 during the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company posted $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Ratings Changes

A number of analysts have weighed in on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler reduced 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. 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 report on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.