Compagnie Lombard Odier SCmA Buys New Shares in Bank of America Co. (NYSE:BAC)

Compagnie Lombard Odier SCmA bought a new position in shares of Bank of America Co. (NYSE:BAC) in the first quarter, Holdings Channel reports. The fund bought 1,599,775 shares of the financial services provider’s stock, valued at approximately $66,759,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Ferguson Wellman Capital Management Inc. boosted its stake in shares of Bank of America by 43.4% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 20,581 shares of the financial services provider’s stock worth $859,000 after acquiring an additional 6,226 shares in the last quarter. FMB Wealth Management purchased a new position in Bank of America in the 1st quarter worth about $363,000. Simon Quick Advisors LLC raised its holdings in Bank of America by 11.8% during the 1st quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock worth $18,576,000 after buying an additional 47,036 shares during the period. Baker Ellis Asset Management LLC lifted its stake in Bank of America by 11.9% during the first quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock valued at $677,000 after buying an additional 1,730 shares in the last quarter. Finally, Skyline Advisors Inc. boosted its holdings in shares of Bank of America by 1.5% in the first quarter. Skyline Advisors Inc. now owns 21,337 shares of the financial services provider’s stock worth $890,000 after buying an additional 315 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Truist Financial reduced their price target 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. Barclays cut their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Down 0.8%

Shares of Bank of America stock opened at $44.72 on Thursday. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average price of $41.14 and a two-hundred day moving average price of $43.46. The stock has a market capitalization of $336.80 billion, a P/E ratio of 13.89, a PEG ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $26.83 billion. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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 given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is 30.95%.

About Bank of America

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.