Bank of America Corporation (NYSE:BAC) Shares Purchased by Mystic Asset Management Inc.

Mystic Asset Management Inc. raised its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 161,436 shares of the financial services provider's stock after purchasing an additional 6,925 shares during the quarter. Bank of America accounts for about 1.8% of Mystic Asset Management Inc.'s investment portfolio, making the stock its 8th biggest position. Mystic Asset Management Inc.'s holdings in Bank of America were worth $6,737,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at about $25,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after buying an additional 276 shares during the period. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BAC shares. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Piper Sandler lowered 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. Truist Financial upped their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Oppenheimer lowered their target price on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Barclays lowered their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.55.

Bank of America Stock Up 2.2%

Shares of BAC stock traded up $1.01 during trading hours on Thursday, hitting $47.04. 56,462,887 shares of the company were exchanged, compared to its average volume of 40,516,454. The company has a market capitalization of $354.33 billion, a PE ratio of 13.76, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The business has a 50 day moving average of $45.32 and a two-hundred day moving average of $43.60. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 earnings per share. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share 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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 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.