Sovran Advisors LLC Acquires Shares of 5,935 Bank of America Co. (NYSE:BAC)

Sovran Advisors LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,935 shares of the financial services provider’s stock, valued at approximately $272,000.

Other institutional investors have also recently modified their holdings of the company. CX Institutional increased its holdings in Bank of America by 5.3% in the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after acquiring an additional 1,667 shares in the last quarter. Swedbank AB increased its stake in shares of Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Vontobel Holding Ltd. raised its position in shares of Bank of America by 33.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 207,961 shares of the financial services provider’s stock worth $8,252,000 after purchasing an additional 51,903 shares during the last quarter. Physician Wealth Advisors Inc. lifted its stake in Bank of America by 8.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 7,570 shares of the financial services provider’s stock valued at $319,000 after buying an additional 604 shares in the last quarter. Finally, Twelve Points Wealth Management LLC boosted its holdings in Bank of America by 4.4% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 8,808 shares of the financial services provider’s stock worth $350,000 after buying an additional 369 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BAC shares. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Evercore ISI dropped their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, Barclays raised their target price 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. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of BAC opened at $46.32 on Friday. The firm has a 50-day simple moving average of $45.76 and a two-hundred day simple moving average of $43.02. The stock has a market cap of $355.40 billion, a PE ratio of 14.38, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.49 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 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.