Canopy Partners LLC Purchases 1,865 Shares of Bank of America Co. (NYSE:BAC)

Canopy Partners LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,239 shares of the financial services provider’s stock after acquiring an additional 1,865 shares during the quarter. Canopy Partners LLC’s holdings in Bank of America were worth $1,461,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BAC. Collier Financial bought a new stake in shares of Bank of America in the 4th quarter worth $25,000. Life Planning Partners Inc increased its holdings in 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 acquiring an additional 545,936 shares during the last quarter. Graney & King LLC bought a new position in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC grew its position in shares of Bank of America by 152.7% during 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 7.7 %

NYSE:BAC opened at $34.37 on Monday. 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 50-day simple moving average of $43.74 and a 200-day simple moving average of $43.94. Bank of America Co. has a one year low of $32.70 and a one year high of $48.08. The firm has a market cap of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released 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. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BAC shares. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Piper Sandler lowered their price target 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. Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Finally, Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

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.