Bank of America Co. (NYSE:BAC) Shares Purchased by Bay Rivers Group

Bay Rivers Group increased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,816 shares of the financial services provider’s stock after purchasing an additional 560 shares during the period. Bay Rivers Group’s holdings in Bank of America were worth $577,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Secure Asset Management LLC grew its stake in shares of Bank of America by 538.8% in the 1st quarter. Secure Asset Management LLC now owns 64,211 shares of the financial services provider’s stock valued at $2,680,000 after buying an additional 54,159 shares during the period. Portside Wealth Group LLC grew its stake in shares of Bank of America by 6.8% in the 1st quarter. Portside Wealth Group LLC now owns 48,399 shares of the financial services provider’s stock valued at $2,127,000 after buying an additional 3,073 shares during the period. Nixon Peabody Trust Co. grew its stake in shares of Bank of America by 0.8% in the 1st quarter. Nixon Peabody Trust Co. now owns 303,788 shares of the financial services provider’s stock valued at $12,677,000 after buying an additional 2,397 shares during the period. Sendero Wealth Management LLC grew its stake in shares of Bank of America by 5.6% in the 1st quarter. Sendero Wealth Management LLC now owns 9,112 shares of the financial services provider’s stock valued at $380,000 after buying an additional 485 shares during the period. Finally, Floyd Financial Group LLC grew its stake in shares of Bank of America by 7.9% in the 1st quarter. Floyd Financial Group LLC now owns 14,076 shares of the financial services provider’s stock valued at $587,000 after buying an additional 1,026 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $44.38 on Thursday. The firm’s 50-day moving average is $40.59 and its 200-day moving average is $43.52. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $334.26 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Barclays lowered 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. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.