Rahlfs Capital LLC Takes $644,000 Position in Bank of America Co. (NYSE:BAC)

Rahlfs Capital LLC purchased a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The fund purchased 14,650 shares of the financial services provider’s stock, valued at approximately $644,000.

Several other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Bank of America by 0.8% during the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock valued at $43,268,000 after acquiring an additional 9,137 shares during the last quarter. Morse Asset Management Inc acquired a new stake in Bank of America in the 3rd quarter worth approximately $306,000. Two Sigma Advisers LP boosted its position in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the period. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $101,507,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $34.37 on Friday. The company has a market cap of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $43.74 and its 200 day simple moving average is $43.88. Bank of America Co. has a 1-year low of $33.67 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm posted $0.70 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 3.03%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler cut their price target 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. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

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.