EdgeRock Capital LLC Purchases 296 Shares of Bank of America Co. (NYSE:BAC)

EdgeRock Capital LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the first quarter, Holdings Channel.com reports. The firm owned 6,465 shares of the financial services provider’s stock after buying an additional 296 shares during the quarter. EdgeRock Capital LLC’s holdings in Bank of America were worth $270,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in BAC. Collier Financial bought a new position in shares of Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc increased its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC bought a new position in shares of Bank of America during the fourth quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter worth approximately $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the fourth quarter worth approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Finally, TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.11 on Wednesday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a 50 day simple moving average of $40.93 and a two-hundred day simple moving average of $43.46. The company has a market capitalization of $339.73 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly 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. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 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.