CV Advisors LLC Makes New Investment in Bank of America Corporation (NYSE:BAC)

CV Advisors LLC bought a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 107,621 shares of the financial services provider's stock, valued at approximately $4,463,000. Bank of America accounts for approximately 1.6% of CV Advisors LLC's investment portfolio, making the stock its 11th largest holding.

A number of other institutional investors have also modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $60,679,000. Arizona State Retirement System raised its stake in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Gradient Investments LLC raised its stake in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH grew its holdings in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 1.0%

BAC opened at $45.51 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market cap of $342.78 billion, a P/E ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The business's fifty day simple moving average is $42.36 and its 200 day simple moving average is $43.28.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Barclays dropped their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Piper Sandler dropped their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Royal Bank Of Canada dropped their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, Cfra Research upped their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $47.69.

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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