Weaver Consulting Group Boosts Stake in Bank of America Corporation (NYSE:BAC)

Weaver Consulting Group lifted its holdings in Bank of America Corporation (NYSE:BAC) by 5.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,440 shares of the financial services provider’s stock after purchasing an additional 400 shares during the period. Weaver Consulting Group’s holdings in Bank of America were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of BAC. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its stake in Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after buying an additional 226,246 shares in the last quarter. Glass Wealth Management Co LLC boosted its holdings in Bank of America by 0.3% in the 4th quarter. Glass Wealth Management Co LLC now owns 106,542 shares of the financial services provider’s stock worth $4,683,000 after buying an additional 325 shares during the last quarter. Carrera Capital Advisors acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $204,000. Finally, Wealth Advisory Solutions LLC acquired a new stake in Bank of America during the 4th quarter worth $216,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. The Goldman Sachs Group raised their price target on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, Piper Sandler cut their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.98.

Bank of America Price Performance

Shares of NYSE BAC opened at $48.68 on Thursday. The stock’s 50-day simple moving average is $43.91 and its 200-day simple moving average is $43.39. The firm has a market capitalization of $366.65 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.31 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.74. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.14%. Bank of America’s dividend payout ratio 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.