Bleakley Financial Group LLC Has $5.80 Million Position in Bank of America Corporation (NYSE:BAC)

Bleakley Financial Group LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 138,960 shares of the financial services provider's stock after purchasing an additional 7,815 shares during the period. Bleakley Financial Group LLC's holdings in Bank of America were worth $5,799,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC increased its holdings in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after buying an additional 50,296 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after acquiring an additional 753,880 shares during the last quarter. Employees Retirement System of Texas raised its position in shares of Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after acquiring an additional 17,880 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new stake in Bank of America during the first quarter worth approximately $998,000. Finally, Alpha Cubed Investments LLC boosted its holdings in Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 17,619 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BAC. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. 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. HSBC cut Bank of America from a "buy" rating to a "hold" rating and upped their target price for the company from $47.00 to $51.00 in a research report on Monday, July 7th. The Goldman Sachs Group lifted their price target 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, Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Two 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.89.

Bank of America Stock Up 0.7%

NYSE BAC traded up $0.31 during trading on Monday, hitting $47.04. 36,347,443 shares of the company traded hands, compared to its average volume of 43,392,902. The business has a fifty day simple moving average of $44.99 and a 200 day simple moving average of $43.55. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The company has a market capitalization of $354.29 billion, a P/E ratio of 14.00, a PEG ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued 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. 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 analyst estimates of $26.83 billion. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America's dividend payout ratio is 30.95%.

About Bank of America

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.