Campbell Capital Management Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 70.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 185,385 shares of the financial services provider’s stock after acquiring an additional 76,630 shares during the quarter. Bank of America accounts for about 3.1% of Campbell Capital Management Inc.’s holdings, making the stock its 11th biggest holding. Campbell Capital Management Inc.’s holdings in Bank of America were worth $6,240,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of BAC. Fiduciary Planning LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $26,000. Marshall & Sullivan Inc. WA acquired a new position in shares of Bank of America during the 3rd quarter valued at about $27,000. Kathmere Capital Management LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at about $31,000. Crewe Advisors LLC increased its holdings in shares of Bank of America by 363.3% during the 3rd quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 1,090 shares during the last quarter. Finally, Founders Capital Management acquired a new position in shares of Bank of America during the 4th quarter valued at about $33,000. 68.10% of the stock is currently owned by hedge funds and other institutional investors.
BAC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, October 6th. Daiwa Capital Markets assumed coverage on Bank of America in a report on Wednesday, January 6th. They set a “neutral” rating and a $31.00 price objective on the stock. Piper Sandler lifted their price objective on Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, January 6th. Finally, Barclays lifted their price objective on Bank of America from $33.00 to $39.00 and gave the stock an “overweight” rating in a report on Monday, January 4th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average target price of $31.31.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The firm had revenue of $20.30 billion during the quarter, compared to the consensus estimate of $20.88 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 1.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 24th. Stockholders of record on Friday, December 4th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.15%. Bank of America’s dividend payout ratio (DPR) is 24.49%.
Bank of America 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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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