Bank of America Corporation $BAC Shares Purchased by Synergy Asset Management LLC

Synergy Asset Management LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 260.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,429 shares of the financial services provider’s stock after buying an additional 88,490 shares during the period. Synergy Asset Management LLC’s holdings in Bank of America were worth $6,171,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Royal Bank Of Canada lifted their price target on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Robert W. Baird boosted 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 report on Thursday, October 30th. Piper Sandler upped their price target on shares of Bank of America from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $58.59.

Bank of America Trading Up 1.7%

Shares of BAC stock opened at $55.94 on Friday. The stock has a market cap of $408.49 billion, a P/E ratio of 15.24 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $56.54. The business has a fifty day simple moving average of $53.80 and a 200-day simple moving average of $50.59.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America Company 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.