Concurrent Investment Advisors LLC Has $11.38 Million Holdings in Bank of America Corporation (NYSE:BAC)

Concurrent Investment Advisors LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 272,594 shares of the financial services provider's stock after buying an additional 7,251 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Bank of America were worth $11,375,000 as of its most recent SEC filing.

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

Bank of America Stock Up 0.5%

Shares of NYSE BAC opened at $48.94 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The stock has a market capitalization of $368.61 billion, a P/E ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. The stock's fifty day moving average is $44.28 and its 200 day moving average is $43.44.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $26.83 billion. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BAC shares. Cfra Research raised their price target on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating for the company. UBS Group raised 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. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $48.28.

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.

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