Raab & Moskowitz Asset Management LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,629 shares of the financial services provider’s stock after purchasing an additional 1,089 shares during the quarter. Bank of America makes up 1.1% of Raab & Moskowitz Asset Management LLC’s holdings, making the stock its 27th largest position. Raab & Moskowitz Asset Management LLC’s holdings in Bank of America were worth $2,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Truvestments Capital LLC acquired a new position in Bank of America during the 4th quarter valued at about $25,000. Mascoma Wealth Management LLC acquired a new position in Bank of America during the 1st quarter valued at about $36,000. Clark Financial Advisors acquired a new position in Bank of America during the 4th quarter valued at about $29,000. JJJ Advisors Inc. increased its position in Bank of America by 259.2% during the 4th quarter. JJJ Advisors Inc. now owns 1,049 shares of the financial services provider’s stock valued at $32,000 after buying an additional 757 shares in the last quarter. Finally, Clean Yield Group increased its holdings in shares of Bank of America by 90.9% in the fourth quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 68.10% of the company’s stock.
A number of research analysts have recently weighed in on the company. Piper Sandler increased their price objective on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 11th. Credit Suisse Group increased their price objective on Bank of America from $36.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. Smith Barney Citigroup raised Bank of America from a “neutral” rating to a “buy” rating in a report on Monday, January 11th. Jefferies Financial Group raised their target price on Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a report on Friday, April 9th. Finally, JPMorgan Chase & Co. increased their price target on Bank of America from $40.50 to $43.50 and gave the stock an “overweight” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $38.26.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.21. The company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.67 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. Bank of America’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 EPS. As a group, analysts predict that Bank of America Co. will post 1.84 earnings per share for the current year.
Bank of America declared that its board has approved a share repurchase plan on Tuesday, January 19th that allows the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Stockholders of record on Friday, June 4th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.79%. Bank of America’s payout ratio is currently 24.49%.
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. 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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