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

Compound Planning Inc. raised its holdings in Bank of America Corporation (NYSE:BAC) by 13.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Permanent Capital Management LP bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $649,000. Meridian Wealth Management LLC raised its position in Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 20,591 shares in the last quarter. Lockheed Martin Investment Management Co. lifted its stake in Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock worth $32,482,000 after purchasing an additional 86,290 shares during the last quarter. World Equity Group Inc. boosted its holdings in shares of Bank of America by 21.8% in the 3rd quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock valued at $3,779,000 after purchasing an additional 13,119 shares in the last quarter. Finally, AdvisorShares Investments LLC bought a new position in shares of Bank of America in the 3rd quarter valued at $482,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 3.8%

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. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The company’s 50 day moving average price is $54.21 and its two-hundred day moving average price is $52.36. The firm has a market capitalization of $372.70 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 1.30 and a beta of 1.29.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be issued 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 yield of 2.2%. Bank of America’s payout ratio is presently 29.24%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. Wolfe Research downgraded Bank of America from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. The Goldman Sachs Group boosted their target price on Bank of America from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Truist Financial dropped their target price on shares of Bank of America from $62.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Evercore set a $59.00 price target on shares of Bank of America in a report on Thursday, January 15th. Finally, Morgan Stanley lowered their price objective on shares of Bank of America from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Twenty-two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average 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 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.