North Forty Two & Co. Purchases Shares of 28,483 Bank of America Co. (NYSE:BAC)

North Forty Two & Co. purchased a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 28,483 shares of the financial services provider’s stock, valued at approximately $1,252,000. Bank of America comprises about 1.4% of North Forty Two & Co.’s portfolio, making the stock its 20th largest holding.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Collier Financial bought a new stake in Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth $29,000. Highline Wealth Partners LLC grew 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 worth $37,000 after buying an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC grew its stake in shares of Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.4 %

NYSE:BAC opened at $41.61 on Wednesday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. 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 firm has a market cap of $316.37 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.21 and a beta of 1.32. The firm has a 50-day simple moving average of $45.02 and a 200-day simple moving average of $43.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.50%. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Barclays lifted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Piper Sandler dropped their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.64.

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.