Advisor Resource Council Buys Shares of 21,205 Bank of America Corporation (NYSE:BAC)

Advisor Resource Council acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 21,205 shares of the financial services provider's stock, valued at approximately $856,000.

Several other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% in the 4th 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 last quarter. Bank Pictet & Cie Europe AG grew its position in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after acquiring an additional 226,246 shares during the last quarter. Alberta Investment Management Corp grew its position in Bank of America by 30.5% in the fourth quarter. Alberta Investment Management Corp now owns 21,400 shares of the financial services provider's stock valued at $941,000 after acquiring an additional 5,000 shares during the last quarter. Waterfront Wealth Inc. grew its holdings in shares of Bank of America by 9.1% during the 4th quarter. Waterfront Wealth Inc. now owns 19,652 shares of the financial services provider's stock valued at $864,000 after purchasing an additional 1,645 shares during the last quarter. Finally, Compass Capital Corp MA ADV bought a new stake in Bank of America during the 4th quarter worth $277,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Trading Up 1.0%

Shares of NYSE BAC traded up $0.45 during mid-day trading on Friday, reaching $45.51. The company had a trading volume of 64,519,452 shares, compared to its average volume of 39,802,976. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock has a market cap of $342.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The business's 50-day moving average is $42.36 and its 200-day moving average is $43.28. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08.

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

Bank of America Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. Bank of America's dividend payout ratio is presently 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.