Bank of America Corporation (NYSE:BAC) Shares Acquired by Wealth Effects LLC

Wealth Effects LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,537 shares of the financial services provider’s stock after buying an additional 796 shares during the period. Wealth Effects LLC’s holdings in Bank of America were worth $940,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in Bank of America in the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Bank of America Trading Up 0.4%

Shares of BAC opened at $46.85 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a 50 day simple moving average of $42.91 and a 200-day simple moving average of $43.33. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The stock has a market cap of $352.87 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s payout ratio is currently 30.95%.

Bank of America Company 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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.