J.W. Cole Advisors Inc. Grows Position in Bank of America Corporation (NYSE:BAC)

J.W. Cole Advisors Inc. increased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 116.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 239,391 shares of the financial services provider's stock after purchasing an additional 128,954 shares during the period. J.W. Cole Advisors Inc.'s holdings in Bank of America were worth $9,990,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BAC. Atlantic Union Bankshares Corp lifted its stake in shares of Bank of America by 1.2% in the 1st quarter. Atlantic Union Bankshares Corp now owns 304,437 shares of the financial services provider's stock valued at $12,703,000 after purchasing an additional 3,660 shares during the last quarter. WNY Asset Management LLC raised its holdings in Bank of America by 21.9% in the 1st quarter. WNY Asset Management LLC now owns 18,450 shares of the financial services provider's stock valued at $770,000 after buying an additional 3,313 shares during the period. OneAscent Financial Services LLC lifted its position in Bank of America by 131.7% in the first quarter. OneAscent Financial Services LLC now owns 66,724 shares of the financial services provider's stock valued at $2,778,000 after buying an additional 37,928 shares during the last quarter. Elyxium Wealth LLC boosted its stake in Bank of America by 230.2% during the first quarter. Elyxium Wealth LLC now owns 15,488 shares of the financial services provider's stock worth $646,000 after buying an additional 10,798 shares during the period. Finally, OneAscent Family Office LLC increased its position in shares of Bank of America by 122.4% during the first quarter. OneAscent Family Office LLC now owns 18,168 shares of the financial services provider's stock valued at $758,000 after acquiring an additional 10,000 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.9%

Bank of America stock traded up $0.42 during midday trading on Tuesday, reaching $47.90. The company's stock had a trading volume of 22,048,823 shares, compared to its average volume of 40,399,185. The company has a market cap of $360.74 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.29 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50-day simple moving average of $45.53 and a 200-day simple moving average of $43.64. 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 posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business 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 dividend yield of 2.17%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.41%.

Analyst Ratings Changes

Several brokerages have recently commented on BAC. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Morgan Stanley upped their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.03.

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.