Argentarii LLC Has $487,000 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 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,659 shares of the financial services provider's stock after purchasing an additional 6,337 shares during the period. Argentarii LLC's holdings in Bank of America were worth $487,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Avalon Trust Co lifted its stake in shares of Bank of America by 14.6% in the 4th 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. TAGStone Capital Inc. raised its holdings in Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after acquiring an additional 227 shares during the period. Hayek Kallen Investment Management raised its holdings in Bank of America by 2.0% in the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after acquiring an additional 233 shares during the period. Continuum Advisory LLC raised its holdings in Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after acquiring an additional 237 shares during the period. Finally, Menard Financial Group LLC raised its holdings in Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after acquiring an additional 240 shares during the period. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Price Performance

NYSE BAC traded down $0.28 on Monday, reaching $48.65. The company's stock had a trading volume of 35,412,031 shares, compared to its average volume of 40,161,400. The firm has a market cap of $366.43 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The business has a 50-day moving average price of $44.28 and a 200 day moving average price of $43.44. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. 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 (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given 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 yield of 2.14%. 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.