EULAV Asset Management Boosts Stock Holdings in Bank of America Corporation (NYSE:BAC)

EULAV Asset Management boosted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 27.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 115,000 shares of the financial services provider's stock after purchasing 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.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Washington Trust Bank grew its stake in shares of Bank of America by 1.9% in the first quarter. Washington Trust Bank now owns 55,926 shares of the financial services provider's stock worth $2,334,000 after acquiring an additional 1,069 shares in the last quarter. Capital Advisors Inc. OK grew its stake in shares of Bank of America by 3.4% in the first quarter. Capital Advisors Inc. OK now owns 44,685 shares of the financial services provider's stock worth $1,865,000 after acquiring an additional 1,459 shares in the last quarter. Heritage Wealth Management Inc. grew its stake in shares of Bank of America by 1.8% in the first quarter. Heritage Wealth Management Inc. now owns 20,929 shares of the financial services provider's stock worth $873,000 after acquiring an additional 372 shares in the last quarter. Drake & Associates LLC grew its stake in shares of Bank of America by 20.8% in the first quarter. Drake & Associates LLC now owns 13,518 shares of the financial services provider's stock worth $564,000 after acquiring an additional 2,330 shares in the last quarter. Finally, Traveka Wealth LLC grew its stake in shares of Bank of America by 41.1% in the first quarter. Traveka Wealth LLC now owns 12,255 shares of the financial services provider's stock worth $511,000 after acquiring an additional 3,570 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Robert W. Baird restated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. 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 boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $48.59.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.28 on Wednesday, reaching $46.87. The company's stock had a trading volume of 46,217,283 shares, compared to its average volume of 40,452,904. The stock's 50-day moving average is $44.74 and its two-hundred day moving average is $43.52. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $353.02 billion, a P/E ratio of 13.95, a PEG ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its 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 business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. As a group, sell-side analysts forecast 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. Investors of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America's dividend payout ratio is currently 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.