Bank of America Corporation $BAC Shares Acquired by Carnegie Investment Counsel

Carnegie Investment Counsel increased its position in shares of Bank of America Corporation (NYSE:BAC) by 9.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 529,934 shares of the financial services provider’s stock after purchasing an additional 45,168 shares during the period. Carnegie Investment Counsel’s holdings in Bank of America were worth $27,339,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC boosted its holdings in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth about $28,000. Steph & Co. increased its holdings in Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after buying an additional 379 shares in the last quarter. Finally, CGC Financial Services LLC lifted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $56.20 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $56.55. The company’s 50 day simple moving average is $53.45 and its 200 day simple moving average is $50.22. The company has a market capitalization of $410.36 billion, a price-to-earnings ratio of 15.31 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. Bank of America’s revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Friday, December 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BAC. Robert W. Baird upped their price target on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Truist Financial upped their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, December 18th. TD Cowen increased their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Argus raised their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Finally, The Goldman Sachs Group reduced their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.59.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.