Financial & Tax Architects LLC Invests $343,000 in Bank of America Corporation (NYSE:BAC)

Financial & Tax Architects LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,222 shares of the financial services provider's stock, valued at approximately $343,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Black Swift Group LLC lifted its position in shares of Bank of America by 3.1% in the first quarter. Black Swift Group LLC now owns 9,540 shares of the financial services provider's stock valued at $398,000 after acquiring an additional 290 shares in the last quarter. AE Wealth Management LLC lifted its position in shares of Bank of America by 28.5% in the first quarter. AE Wealth Management LLC now owns 791,226 shares of the financial services provider's stock valued at $33,018,000 after acquiring an additional 175,618 shares in the last quarter. Blume Capital Management Inc. lifted its position in shares of Bank of America by 0.4% in the first quarter. Blume Capital Management Inc. now owns 247,149 shares of the financial services provider's stock valued at $10,314,000 after acquiring an additional 978 shares in the last quarter. Goepper Burkhardt LLC purchased a new stake in shares of Bank of America in the first quarter valued at $219,000. Finally, Advisors Preferred LLC purchased a new stake in shares of Bank of America in the first quarter valued at $2,303,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

BAC stock traded up $0.25 during trading on Thursday, reaching $48.39. 42,918,213 shares of the company's stock were exchanged, compared to its average volume of 43,231,256. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The company's fifty day moving average price is $45.83 and its 200-day moving average price is $43.74. The firm has a market cap of $364.43 billion, a PE ratio of 14.15, a P/E/G ratio of 1.87 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping 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 company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The firm's quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is 30.41%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Morgan Stanley upped their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Truist Financial increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Cfra Research increased their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

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.