Bank of America Corporation (NYSE:BAC) Shares Acquired by Fortem Financial Group LLC

Fortem Financial Group LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 40.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,767 shares of the financial services provider's stock after purchasing an additional 7,082 shares during the quarter. Fortem Financial Group LLC's holdings in Bank of America were worth $1,034,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Beirne Wealth Consulting Services LLC boosted its position in Bank of America by 10.1% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 10,955 shares of the financial services provider's stock worth $457,000 after acquiring an additional 1,008 shares during the period. Harmony Asset Management LLC lifted its holdings in shares of Bank of America by 22.0% in the first quarter. Harmony Asset Management LLC now owns 19,929 shares of the financial services provider's stock valued at $832,000 after buying an additional 3,595 shares during the period. SteelPeak Wealth LLC lifted its holdings in shares of Bank of America by 6.2% in the first quarter. SteelPeak Wealth LLC now owns 59,691 shares of the financial services provider's stock valued at $2,491,000 after buying an additional 3,501 shares during the period. Diversify Wealth Management LLC lifted its holdings in shares of Bank of America by 37.3% in the first quarter. Diversify Wealth Management LLC now owns 106,239 shares of the financial services provider's stock valued at $4,248,000 after buying an additional 28,860 shares during the period. Finally, Clarity Wealth Advisors LLC lifted its holdings in shares of Bank of America by 35.5% in the first quarter. Clarity Wealth Advisors LLC now owns 7,501 shares of the financial services provider's stock valued at $313,000 after buying an additional 1,964 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.6%

NYSE:BAC opened at $46.71 on Friday. The firm has a market capitalization of $351.81 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. 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 business's fifty day moving average price is $44.99 and its 200 day moving average price is $43.56.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Citigroup upped their price objective on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler cut their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. The Goldman Sachs Group boosted their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.89.

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.

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