EULAV Asset Management Acquires 25,000 Shares of Bank of America Corporation (NYSE:BAC)

EULAV Asset Management boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 27.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,000 shares of the financial services provider's stock after buying an additional 25,000 shares during the period. EULAV Asset Management's holdings in Bank of America were worth $4,799,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Avalon Trust Co grew its position in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the period. TAGStone Capital Inc. increased its holdings in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after purchasing an additional 227 shares during the period. Hayek Kallen Investment Management boosted its holdings in shares of 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 purchasing an additional 233 shares in the last quarter. Continuum Advisory LLC boosted its holdings in shares of 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 purchasing an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC grew its stake in shares of Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after buying an additional 240 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Robert W. Baird restated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Finally, Truist Financial decreased their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.33.

Bank of America Trading Down 3.1%

Shares of BAC traded down $1.49 during midday trading on Tuesday, hitting $47.17. The stock had a trading volume of 88,051,022 shares, compared to its average volume of 40,406,855. The business has a 50-day simple moving average of $44.46 and a two-hundred day simple moving average of $43.47. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market cap of $355.28 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31.

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. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, 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 declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. Bank of America's dividend payout ratio 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.