Bank of America Co. (NYSE:BAC) Shares Bought by QRG Capital Management Inc.

QRG Capital Management Inc. increased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 979,138 shares of the financial services provider's stock after buying an additional 47,123 shares during the quarter. QRG Capital Management Inc.'s holdings in Bank of America were worth $40,859,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of BAC. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 37.1% in the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider's stock worth $48,000 after acquiring an additional 313 shares during the period. Sagespring Wealth Partners LLC boosted its holdings in Bank of America by 9.5% in the first quarter. Sagespring Wealth Partners LLC now owns 76,942 shares of the financial services provider's stock valued at $3,211,000 after purchasing an additional 6,694 shares during the last quarter. Precedent Wealth Partners LLC grew its position in Bank of America by 17.2% during the 1st quarter. Precedent Wealth Partners LLC now owns 40,162 shares of the financial services provider's stock worth $1,676,000 after purchasing an additional 5,898 shares during the period. Great Lakes Retirement Inc. grew its position in Bank of America by 1.9% during the 1st quarter. Great Lakes Retirement Inc. now owns 235,603 shares of the financial services provider's stock worth $9,832,000 after purchasing an additional 4,289 shares during the period. Finally, Adero Partners LLC raised its stake in shares of Bank of America by 5.9% during the 1st quarter. Adero Partners LLC now owns 8,456 shares of the financial services provider's stock valued at $353,000 after buying an additional 468 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock traded up $0.31 during trading hours on Monday, reaching $44.40. The company had a trading volume of 34,089,373 shares, compared to its average volume of 39,758,435. Bank of America Co. 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 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $334.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.21 and a beta of 1.30. The stock has a fifty day moving average of $41.50 and a 200-day moving average of $43.36.

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 (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share 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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.34%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Truist Financial dropped their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Barclays dropped their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Cfra Research upped their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.69.

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.