Benchmark Financial Wealth Advisors LLC Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

Benchmark Financial Wealth Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 8.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,165 shares of the financial services provider’s stock after purchasing an additional 1,663 shares during the period. Benchmark Financial Wealth Advisors LLC’s holdings in Bank of America were worth $930,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC grew its holdings in shares of Bank of America by 4.8% during the 4th quarter. Onyx Bridge Wealth Group LLC now owns 10,305 shares of the financial services provider’s stock worth $453,000 after purchasing an additional 476 shares during the period. Syntegra Private Wealth Group LLC purchased a new position in Bank of America during the fourth quarter worth about $230,000. Tectonic Advisors LLC increased its position in shares of Bank of America by 16.8% during the fourth quarter. Tectonic Advisors LLC now owns 28,999 shares of the financial services provider’s stock valued at $1,274,000 after acquiring an additional 4,163 shares during the last quarter. Massachusetts Wealth Management increased its position in shares of Bank of America by 3.4% during the fourth quarter. Massachusetts Wealth Management now owns 72,062 shares of the financial services provider’s stock valued at $3,167,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Lion Street Advisors LLC lifted its holdings in shares of Bank of America by 6.3% in the 4th quarter. Lion Street Advisors LLC now owns 17,078 shares of the financial services provider’s stock worth $751,000 after acquiring an additional 1,012 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $47.11 on Thursday. The firm has a market capitalization of $361.45 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.26 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The firm’s 50 day moving average is $45.79 and its two-hundred day moving average is $42.82.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. Research analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Piper Sandler lowered their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Truist Financial boosted their price target 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. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.