CV Advisors LLC Takes $4.46 Million Position in Bank of America Corporation (NYSE:BAC)

CV Advisors LLC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 107,621 shares of the financial services provider's stock, valued at approximately $4,463,000. Bank of America makes up 1.6% of CV Advisors LLC's portfolio, making the stock its 11th largest position.

Several other large investors also recently added to or reduced their stakes in BAC. Brighton Jones LLC lifted its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after acquiring an additional 226,246 shares during the period. Navellier & Associates Inc. lifted its holdings in shares of Bank of America by 39.4% in the 4th quarter. Navellier & Associates Inc. now owns 17,844 shares of the financial services provider's stock worth $784,000 after acquiring an additional 5,044 shares during the last quarter. Fisher Funds Management LTD purchased a new position in shares of Bank of America during the 4th quarter worth about $7,936,000. Finally, TCW Group Inc. boosted its stake in shares of Bank of America by 1.4% during the 4th quarter. TCW Group Inc. now owns 93,594 shares of the financial services provider's stock worth $4,113,000 after purchasing an additional 1,301 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Truist Financial reduced their price target on shares of 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 initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.56.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.66 during trading hours on Thursday, reaching $47.51. The stock had a trading volume of 40,075,726 shares, compared to its average volume of 39,865,895. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. 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 stock'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 released 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. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities analysts expect 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 will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's 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.