Bank of America Co. (NYSE:BAC) Shares Bought by Red Door Wealth Management LLC

Red Door Wealth Management LLC raised its position in Bank of America Co. (NYSE:BAC) by 6.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,234 shares of the financial services provider’s stock after purchasing an additional 5,211 shares during the quarter. Bank of America comprises approximately 1.3% of Red Door Wealth Management LLC’s investment portfolio, making the stock its 26th biggest holding. Red Door Wealth Management LLC’s holdings in Bank of America were worth $4,014,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Cassady Schiller Wealth Management LLC acquired a new position in Bank of America in the fourth quarter worth approximately $39,000. Crewe Advisors LLC grew its position in Bank of America by 198.0% in the fourth quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock worth $40,000 after buying an additional 594 shares during the last quarter. Country Trust Bank grew its position in Bank of America by 51.4% in the fourth quarter. Country Trust Bank now owns 945 shares of the financial services provider’s stock worth $42,000 after buying an additional 321 shares during the last quarter. Horan Securities Inc. acquired a new position in Bank of America in the fourth quarter worth approximately $42,000. Finally, Level Financial Advisors Inc. acquired a new position in Bank of America in the fourth quarter worth approximately $50,000. Institutional investors own 70.46% of the company’s stock.

BAC traded up $0.35 during trading on Friday, hitting $37.02. The stock had a trading volume of 43,365,604 shares, compared to its average volume of 54,396,438. The firm has a market cap of $298.27 billion, a PE ratio of 10.58, a P/E/G ratio of 1.48 and a beta of 1.39. Bank of America Co. has a 12 month low of $32.96 and a 12 month high of $50.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.16. The company has a 50 day simple moving average of $38.37 and a 200-day simple moving average of $42.93.

Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.01. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company had revenue of $23.20 billion for the quarter, compared to the consensus estimate of $23.09 billion. During the same quarter in the previous year, the firm posted $0.86 EPS. The business’s revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.32 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 3rd will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 2.27%. Bank of America’s payout ratio is 24.00%.

A number of equities analysts recently commented on BAC shares. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $52.50 to $53.50 in a research note on Thursday, February 3rd. Morgan Stanley raised shares of Bank of America from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $51.00 to $49.00 in a research note on Monday, March 28th. The Goldman Sachs Group decreased their price objective on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, April 20th. Robert W. Baird raised shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a research note on Tuesday, March 8th. Finally, Piper Sandler decreased their price objective on shares of Bank of America from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $50.41.

Bank of America Company Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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