Verdence Capital Advisors LLC Purchases 513 Shares of Bank of America Co. (NYSE:BAC)

Verdence Capital Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 0.6% in the 4th quarter, HoldingsChannel reports. The firm owned 91,890 shares of the financial services provider’s stock after acquiring an additional 513 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Bank of America were worth $4,039,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Accent Capital Management LLC lifted its stake in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments increased its holdings in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the period. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Keybank National Association OH increased its holdings in shares of Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after buying an additional 38,258 shares during the period. Finally, Clarendon Private LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $798,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Piper Sandler reduced their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $42.55 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average price is $45.77 and its 200-day moving average price is $43.70. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a market cap of $323.61 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed 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 is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is presently 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.