Wealthfront Advisers LLC Raises Stock Position in Bank of America Corporation (NYSE:BAC)

Wealthfront Advisers LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 5.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 849,869 shares of the financial services provider's stock after acquiring an additional 46,142 shares during the quarter. Wealthfront Advisers LLC's holdings in Bank of America were worth $35,465,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of Bank of America by 65.3% in the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after purchasing an additional 7,999 shares in the last quarter. Harbour Investments Inc. lifted its holdings in shares of Bank of America by 6.3% in the fourth quarter. Harbour Investments Inc. now owns 29,230 shares of the financial services provider's stock valued at $1,285,000 after purchasing an additional 1,743 shares in the last quarter. Finally, SlateStone Wealth LLC lifted its holdings in shares of Bank of America by 8.0% in the fourth quarter. SlateStone Wealth LLC now owns 14,500 shares of the financial services provider's stock valued at $637,000 after purchasing an additional 1,075 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.3%

NYSE:BAC traded down $0.15 during trading hours on Wednesday, reaching $46.00. 61,284,218 shares of the company were exchanged, compared to its average volume of 40,553,389. 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 firm has a market cap of $346.49 billion, a price-to-earnings ratio of 13.69, 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 stock has a 50 day simple moving average of $45.32 and a 200 day simple moving average of $43.60.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Bank of America's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 earnings per share. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

Several brokerages have issued reports on BAC. Truist Financial upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Finally, Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.89.

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.