Waddell & Associates LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

Waddell & Associates LLC grew its position in Bank of America Co. (NYSE:BAC) by 30.9% during the 4th quarter, HoldingsChannel reports. The fund owned 10,824 shares of the financial services provider’s stock after purchasing an additional 2,552 shares during the period. Waddell & Associates LLC’s holdings in Bank of America were worth $476,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new position in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the 4th quarter valued at about $29,000. Finally, Highline Wealth Partners LLC boosted its position in 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 buying an additional 510 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.6 %

Shares of Bank of America stock opened at $35.00 on Wednesday. Bank of America Co. has a twelve month low of $33.54 and a twelve month high of $48.08. The stock has a market cap of $266.11 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average price of $43.04 and a 200 day moving average price of $43.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 earnings per share. Equities research analysts forecast 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 announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.97%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of 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. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Truist Financial lowered their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Finally, Citigroup cut their target price 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.