Atria Investments Inc Buys 16,187 Shares of Bank of America Corporation (NYSE:BAC)

Atria Investments Inc raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 483,032 shares of the financial services provider's stock after purchasing an additional 16,187 shares during the period. Atria Investments Inc's holdings in Bank of America were worth $20,157,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BAC. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at $25,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America during the fourth quarter worth about $34,000. Finally, Glass Jacobson Investment Advisors llc grew its holdings in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Citigroup raised their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. UBS Group lifted their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Finally, Piper Sandler cut their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Stock Up 0.2%

Shares of BAC stock traded up $0.08 on Friday, hitting $48.47. 24,453,044 shares of the stock were exchanged, compared to its average volume of 43,373,284. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $365.09 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 1.89 and a beta of 1.30. The business has a 50-day moving average of $45.91 and a 200 day moving average of $43.74. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The business's quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Bank of America announced that its board has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

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.