Adell Harriman & Carpenter Inc. Has $2.20 Million Stake in Bank of America Corporation (NYSE:BAC)

Adell Harriman & Carpenter Inc. raised its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 52,762 shares of the financial services provider's stock after purchasing an additional 5,631 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in Bank of America were worth $2,202,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Brighton Jones LLC lifted its position in 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 worth $4,785,000 after purchasing an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG raised its stake in shares of 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. Proficio Capital Partners LLC raised its stake in shares of Bank of America by 65.3% in the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after buying an additional 7,999 shares in the last quarter. Inceptionr LLC lifted its holdings in shares of Bank of America by 41.4% during the 4th quarter. Inceptionr LLC now owns 28,065 shares of the financial services provider's stock worth $1,233,000 after acquiring an additional 8,223 shares during the period. Finally, E Fund Management Co. Ltd. boosted its position in shares of Bank of America by 62.2% during the 4th quarter. E Fund Management Co. Ltd. now owns 78,715 shares of the financial services provider's stock valued at $3,460,000 after acquiring an additional 30,190 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Stock Up 0.5%

NYSE:BAC opened at $48.94 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The stock's fifty day simple moving average is $44.28 and its 200-day simple moving average is $43.44. The firm has a market capitalization of $368.61 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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