Argentarii LLC Grows Stake in Bank of America Corporation (NYSE:BAC)

Argentarii LLC grew its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 119.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,659 shares of the financial services provider's stock after buying an additional 6,337 shares during the period. Argentarii LLC's holdings in Bank of America were worth $487,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Graney & King LLC acquired a new stake in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions acquired a new position in Bank of America in the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the 4th quarter valued at $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America in the 4th quarter valued at $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC traded down $1.49 during trading on Tuesday, reaching $47.17. 88,051,022 shares of the company traded hands, compared to its average volume of 40,406,855. 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 Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The firm has a fifty day simple moving average of $44.46 and a 200 day simple moving average of $43.47. The company has a market cap of $355.28 billion, a P/E ratio of 14.04, a PEG ratio of 1.32 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 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 during the quarter, compared to analyst estimates of $26.83 billion. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current 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 $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Robert W. Baird reissued a "neutral" rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $47.00 to $51.00 in a research note on Monday. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Truist Financial reduced 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, Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.33.

Bank of America 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.