Compound Planning Inc. Purchases 18,047 Shares of Bank of America Corporation $BAC

Compound Planning Inc. raised its position in Bank of America Corporation (NYSE:BAC) by 13.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 156,949 shares of the financial services provider’s stock after purchasing an additional 18,047 shares during the period. Compound Planning Inc.’s holdings in Bank of America were worth $8,097,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Quaker Wealth Management LLC boosted its position 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 valued at $25,000 after acquiring an additional 880 shares during the last quarter. Steph & Co. lifted its stake in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares during the period. Collier Financial bought a new stake in shares of Bank of America during the 3rd quarter valued at about $30,000. Marquette Asset Management LLC acquired a new stake in Bank of America during the third quarter worth approximately $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Bank of America in the third quarter worth approximately $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 3.8%

Shares of NYSE BAC opened at $51.04 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50-day moving average price of $54.21 and a 200-day moving average price of $52.36. The stock has a market capitalization of $372.70 billion, a P/E ratio of 13.33, a P/E/G ratio of 1.30 and a beta of 1.29. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $57.55.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 EPS. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio is presently 29.24%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Morgan Stanley cut their price target on Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Robert W. Baird increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Evercore set a $59.00 price target on shares of Bank of America in a research note on Thursday, January 15th. TD Cowen dropped their price objective on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Finally, CICC Research began coverage on Bank of America in a research note on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 target price for the company. Twenty-two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.30.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Bank of America Profile

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.