Capital Investment Advisors LLC Grows Position in Bank of America Co. (NYSE:BAC)

Capital Investment Advisors LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 0.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 495,219 shares of the financial services provider’s stock after buying an additional 3,099 shares during the quarter. Capital Investment Advisors LLC’s holdings in Bank of America were worth $20,413,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. RDA Financial Network raised its stake in Bank of America by 22.5% during the first quarter. RDA Financial Network now owns 17,789 shares of the financial services provider’s stock valued at $733,000 after purchasing an additional 3,269 shares in the last quarter. Abundance Wealth Counselors bought a new position in Bank of America during the fourth quarter valued at $1,882,000. Richard P Slaughter Associates Inc increased its position in Bank of America by 0.8% during the fourth quarter. Richard P Slaughter Associates Inc now owns 73,899 shares of the financial services provider’s stock valued at $3,287,000 after acquiring an additional 615 shares during the last quarter. Bath Savings Trust Co increased its position in Bank of America by 33.0% during the first quarter. Bath Savings Trust Co now owns 12,698 shares of the financial services provider’s stock valued at $523,000 after acquiring an additional 3,148 shares during the last quarter. Finally, Glassy Mountain Advisors Inc. increased its position in Bank of America by 2.1% during the first quarter. Glassy Mountain Advisors Inc. now owns 71,210 shares of the financial services provider’s stock valued at $2,935,000 after acquiring an additional 1,476 shares during the last quarter. 70.46% of the stock is currently owned by hedge funds and other institutional investors.

BAC has been the topic of a number of analyst reports. Robert W. Baird upgraded shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective on the stock in a research report on Tuesday, March 8th. Oppenheimer cut their price target on shares of Bank of America from $52.00 to $50.00 in a report on Tuesday, May 3rd. The Goldman Sachs Group cut their price target on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. Morgan Stanley upgraded shares of Bank of America from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $51.00 to $49.00 in a report on Monday, March 28th. Finally, Piper Sandler cut their price target on shares of Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.10.

Shares of Bank of America stock opened at $32.60 on Thursday. The firm has a market capitalization of $262.65 billion, a P/E ratio of 9.31, a PEG ratio of 1.40 and a beta of 1.38. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.16. The company has a 50 day moving average price of $35.77 and a 200 day moving average price of $41.44. Bank of America Co. has a 52 week low of $30.86 and a 52 week high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.09 billion. During the same period last year, the firm posted $0.86 EPS. Bank of America’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.34 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 3rd will be paid a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.58%. Bank of America’s payout ratio is 24.00%.

About Bank of America (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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