Diversify Advisory Services LLC Has $3.61 Million Stake in Bank of America Corporation (NYSE:BAC)

Diversify Advisory Services LLC increased its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 11.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 90,295 shares of the financial services provider's stock after acquiring an additional 9,315 shares during the quarter. Diversify Advisory Services LLC's holdings in Bank of America were worth $3,611,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Graney & King LLC acquired a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Vega Investment Solutions purchased a new stake in Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC purchased a new stake in Bank of America during the fourth quarter worth about $34,000. Finally, Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. TD Cowen started coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, Evercore ISI reduced 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 report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Stock Up 0.7%

BAC stock traded up $0.31 during midday trading on Friday, hitting $47.33. The stock had a trading volume of 48,220,966 shares, compared to its average volume of 40,515,517. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The firm has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The business has a 50-day moving average of $45.53 and a two-hundred day moving average of $43.65.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the company earned $0.83 earnings per share. The company's revenue was up 4.3% on a year-over-year basis. As a group, equities research 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 company also recently declared 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. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.41%.

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.