Apollon Wealth Management LLC Boosts Stake in Bank of America Corporation (NYSE:BAC)

Apollon Wealth Management LLC raised its position in Bank of America Corporation (NYSE:BAC) by 13.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 182,962 shares of the financial services provider's stock after buying an additional 21,587 shares during the period. Apollon Wealth Management LLC's holdings in Bank of America were worth $7,635,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gradient Investments LLC lifted its position in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Bank of America by 13.7% during the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock worth $274,767,000 after purchasing an additional 753,880 shares during the last quarter. Employees Retirement System of Texas raised its stake in Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after acquiring an additional 17,880 shares during the period. Prosperity Wealth Management Inc. acquired a new stake in Bank of America during the first quarter worth about $998,000. Finally, Alpha Cubed Investments LLC raised its stake in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after acquiring an additional 17,619 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler dropped their price objective on shares of 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. Robert W. Baird reiterated a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Finally, Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Trading Down 0.6%

Shares of NYSE:BAC opened at $46.71 on Monday. The stock has a market capitalization of $351.81 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year 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. The company has a 50 day moving average price of $44.99 and a 200 day moving average price of $43.55.

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, 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 net margin of 14.56% and a return on equity of 10.25%. On average, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio 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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