Stratos Investment Management LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 17.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 175,882 shares of the financial services provider’s stock after purchasing an additional 25,892 shares during the period. Stratos Investment Management LLC’s holdings in Bank of America were worth $7,340,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG boosted its position in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after acquiring an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC boosted its position in Bank of America by 65.3% during the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider’s stock valued at $890,000 after acquiring an additional 7,999 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its position in Bank of America by 9.9% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 47,435 shares of the financial services provider’s stock valued at $2,301,000 after acquiring an additional 4,266 shares in the last quarter. Finally, Argentarii LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $234,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Analyst Ratings Changes
Several analysts have weighed in on the company. Keefe, Bruyette & Woods cut their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Truist Financial cut their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.28.
Bank of America Stock Performance
BAC stock opened at $48.65 on Tuesday. The stock has a market capitalization of $366.43 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock’s 50 day simple moving average is $44.46 and its 200 day simple moving average is $43.47.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.14%. Bank of America’s dividend payout ratio is presently 30.95%.
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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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