Bank of America Co. (NYSE:BAC) Stock Position Boosted by Fragasso Financial Advisors Inc

Fragasso Financial Advisors Inc boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 565.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,194 shares of the financial services provider's stock after acquiring an additional 39,248 shares during the period. Fragasso Financial Advisors Inc's holdings in Bank of America were worth $1,928,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new position in Bank of America during the fourth quarter worth about $60,679,000. Arizona State Retirement System raised its position in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after acquiring an additional 10,377 shares during the last quarter. Keybank National Association OH grew its holdings in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after buying an additional 297,858 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Finally, Piper Sandler decreased their target price on shares of 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.17 on Thursday, reaching $44.53. 13,474,538 shares of the company's stock were exchanged, compared to its average volume of 39,660,356. The firm has a market capitalization of $335.39 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The business's 50-day moving average is $40.59 and its two-hundred day moving average is $43.52. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.34%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

About Bank of America

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.