Fourth Dimension Wealth LLC Acquires 2,659 Shares of Bank of America Corporation (NYSE:BAC)

Fourth Dimension Wealth LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 556.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,137 shares of the financial services provider’s stock after acquiring an additional 2,659 shares during the period. Fourth Dimension Wealth LLC’s holdings in Bank of America were worth $131,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Graney & King LLC purchased a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions purchased a new position in Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America during the fourth quarter worth about $34,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 1.8%

Shares of NYSE BAC opened at $46.32 on Tuesday. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market cap of $348.88 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The firm has a 50-day moving average of $42.55 and a 200 day moving average of $43.28. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.40.

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.