Creative Financial Designs Inc. ADV Has $1.50 Million Stake in Bank of America Corporation (NYSE:BAC)

Creative Financial Designs Inc. ADV lowered its position in Bank of America Corporation (NYSE:BAC) by 77.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,904 shares of the financial services provider's stock after selling 121,808 shares during the period. Creative Financial Designs Inc. ADV's holdings in Bank of America were worth $1,498,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kavar Capital Partners Group LLC increased its stake in shares of Bank of America by 79.0% during the 1st quarter. Kavar Capital Partners Group LLC now owns 17,229 shares of the financial services provider's stock worth $719,000 after purchasing an additional 7,603 shares during the last quarter. Pure Financial Advisors LLC boosted its holdings in Bank of America by 9.1% in the first quarter. Pure Financial Advisors LLC now owns 34,287 shares of the financial services provider's stock worth $1,431,000 after purchasing an additional 2,858 shares in the last quarter. Wealth Effects LLC increased its position in Bank of America by 3.7% during the first quarter. Wealth Effects LLC now owns 22,537 shares of the financial services provider's stock worth $940,000 after buying an additional 796 shares during the last quarter. Omnia Family Wealth LLC raised its holdings in Bank of America by 7.0% during the first quarter. Omnia Family Wealth LLC now owns 20,352 shares of the financial services provider's stock valued at $849,000 after buying an additional 1,325 shares in the last quarter. Finally, New World Advisors LLC lifted its position in shares of Bank of America by 17.5% in the first quarter. New World Advisors LLC now owns 9,519 shares of the financial services provider's stock worth $397,000 after buying an additional 1,419 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.51 on Friday. The firm has a market capitalization of $357.83 billion, a PE ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30. 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 1-year low of $33.07 and a 1-year high of $48.08. The business's 50 day moving average is $43.12 and its 200-day moving average is $43.34.

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 for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend 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 (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Piper Sandler decreased their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Barclays lowered their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.56.

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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