Alpha Cubed Investments LLC Has $2.71 Million Stake in Bank of America Corporation (NYSE:BAC)

Alpha Cubed Investments LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 37.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 65,038 shares of the financial services provider's stock after purchasing an additional 17,619 shares during the quarter. Alpha Cubed Investments LLC's holdings in Bank of America were worth $2,714,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 3.3%

Shares of NYSE BAC traded down $1.61 during trading hours on Tuesday, hitting $47.05. The stock had a trading volume of 37,543,191 shares, compared to its average volume of 40,156,372. The company has a market capitalization of $354.35 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.33 and a beta of 1.30. The firm's 50-day moving average price is $44.46 and its two-hundred day moving average price is $43.47. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. 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 - 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, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during 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%. Analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America's payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Cowen assumed coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Piper Sandler reduced their price objective on 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. The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Citigroup raised their target price on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Finally, Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.33.

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.