Indiana Trust & Investment Management Co Raises Stake in Bank of America Co. (NYSE:BAC)

Indiana Trust & Investment Management Co lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,836 shares of the financial services provider’s stock after buying an additional 236 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Bank of America were worth $344,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Community Financial Services Group LLC raised its position in shares of Bank of America by 6.0% in the 4th quarter. Community Financial Services Group LLC now owns 124,589 shares of the financial services provider’s stock valued at $5,476,000 after purchasing an additional 7,065 shares in the last quarter. Schear Investment Advisers LLC boosted its holdings in shares of Bank of America by 1.7% in the fourth quarter. Schear Investment Advisers LLC now owns 23,683 shares of the financial services provider’s stock valued at $1,041,000 after acquiring an additional 397 shares in the last quarter. Leavell Investment Management Inc. raised its position in Bank of America by 37.4% in the fourth quarter. Leavell Investment Management Inc. now owns 15,951 shares of the financial services provider’s stock worth $701,000 after acquiring an additional 4,342 shares in the last quarter. Portfolio Design Labs LLC lifted its position in shares of Bank of America by 19.6% during the 4th quarter. Portfolio Design Labs LLC now owns 142,354 shares of the financial services provider’s stock valued at $6,256,000 after acquiring an additional 23,367 shares during the last quarter. Finally, Gradient Capital Advisors LLC lifted its position in shares of Bank of America by 1.2% in the 4th quarter. Gradient Capital Advisors LLC now owns 23,188 shares of the financial services provider’s stock valued at $1,019,000 after acquiring an additional 277 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.80 on Wednesday. The stock’s fifty day moving average is $45.77 and its 200 day moving average is $42.96. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $359.08 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company earned $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BAC shares. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Piper Sandler dropped their price objective 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. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. 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 report on Tuesday, January 7th. Finally, Barclays boosted their price objective 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.