Baker Tilly Wealth Management LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Baker Tilly Wealth Management LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 18,611 shares of the financial services provider’s stock after buying an additional 572 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Bank of America were worth $818,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Longfellow Investment Management Co. LLC grew its holdings in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after buying an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its stake in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares during the period. Integrity Financial Corp WA raised its position in Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares during the last quarter. Cahill Financial Advisors Inc. lifted its stake in shares of Bank of America by 2.1% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 249 shares during the period. Finally, Chicago Capital LLC raised its holdings in Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 250 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Truist Financial initiated coverage on Bank of America in a research note on Tuesday. They issued a “buy” rating and a $52.00 price target on the stock. Piper Sandler increased their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Down 2.5 %

NYSE:BAC traded down $1.15 during mid-day trading on Friday, hitting $45.06. The company had a trading volume of 11,759,698 shares, compared to its average volume of 28,313,172. The business has a fifty day simple moving average of $45.46 and a 200-day simple moving average of $42.15. The firm has a market capitalization of $345.74 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company posted $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.27 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, December 27th. Stockholders of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is presently 37.82%.

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.