Analyst IMS Investment Management Services Ltd. Buys 19,509 Shares of Bank of America Corporation (NYSE:BAC)

Analyst IMS Investment Management Services Ltd. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 59.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 52,219 shares of the financial services provider's stock after buying an additional 19,509 shares during the quarter. Analyst IMS Investment Management Services Ltd.'s holdings in Bank of America were worth $2,179,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Avalon Trust Co increased its stake in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the period. TAGStone Capital Inc. boosted its holdings in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after acquiring an additional 227 shares in the last quarter. Hayek Kallen Investment Management boosted its holdings in shares of Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 233 shares in the last quarter. Finally, Proactive Wealth Strategies LLC boosted its holdings in shares of Bank of America by 3.9% in the fourth quarter. Proactive Wealth Strategies LLC now owns 6,329 shares of the financial services provider's stock valued at $278,000 after acquiring an additional 237 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler cut their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. UBS Group boosted their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Finally, Truist Financial decreased their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Price Performance

Bank of America stock traded up $0.45 during mid-day trading on Friday, reaching $45.51. 64,519,452 shares of the company were exchanged, compared to its average volume of 39,802,976. The company has a fifty day simple moving average of $42.36 and a 200-day simple moving average of $43.31. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a market cap of $342.78 billion, a PE ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) 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.