Bank of America Corporation (NYSE:BAC) Shares Purchased by Salzhauer Michael

Salzhauer Michael lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 10.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,940,003 shares of the financial services provider’s stock after purchasing an additional 188,000 shares during the quarter. Bank of America accounts for 32.2% of Salzhauer Michael’s investment portfolio, making the stock its largest holding. Salzhauer Michael’s holdings in Bank of America were worth $80,956,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Graney & King LLC acquired a new position in Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions bought 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 shares of Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America in the 4th quarter valued at about $34,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Piper Sandler cut their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Barclays decreased their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Finally, The Goldman Sachs Group increased their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Bank of America Stock Up 0.4%

Shares of NYSE 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 stock has a market capitalization of $352.87 billion, a PE ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The business’s fifty day moving average price is $42.91 and its 200-day moving average price is $43.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 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 the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is currently 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.