Bank of America Corporation (NYSE:BAC) is Salzhauer Michael's Largest Position

Salzhauer Michael lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,940,003 shares of the financial services provider's stock after purchasing an additional 188,000 shares during the period. Bank of America comprises 32.2% of Salzhauer Michael's investment portfolio, making the stock its largest holding. Salzhauer Michael's holdings in Bank of America were worth $80,956,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Graney & King LLC bought a new position in shares of Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BAC shares. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday. Piper Sandler cut their price objective on shares of 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. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $47.56.

Bank of America Stock Performance

NYSE BAC traded up $0.66 during trading on Thursday, hitting $47.51. 40,075,726 shares of the company's stock traded hands, compared to its average volume of 39,883,531. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a market capitalization of $357.83 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The business has a 50 day moving average of $42.91 and a 200-day moving average of $43.33.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America's dividend payout ratio is currently 30.95%.

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.