Alpha Cubed Investments LLC Grows Stock Position in Bank of America Corporation (NYSE:BAC)

Alpha Cubed Investments LLC increased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 37.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 65,038 shares of the financial services provider's stock after purchasing an additional 17,619 shares during the period. Alpha Cubed Investments LLC's holdings in Bank of America were worth $2,714,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC increased its position in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at about $5,226,989,000. Capital World Investors increased its position in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp increased its position in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.28 on Monday, hitting $48.65. The company had a trading volume of 35,412,031 shares, compared to its average volume of 40,160,958. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The business has a 50 day moving average of $44.28 and a 200 day moving average of $43.44. The company has a market cap of $366.43 billion, a PE ratio of 14.48, a PEG ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.14%. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Oppenheimer restated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. The Goldman Sachs Group boosted their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Citigroup boosted their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.28.

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.