Florida Financial Advisors LLC Purchases 10,519 Shares of Bank of America Corporation (NYSE:BAC)

Florida Financial Advisors LLC lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 59.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,168 shares of the financial services provider's stock after acquiring an additional 10,519 shares during the period. Florida Financial Advisors LLC's holdings in Bank of America were worth $1,173,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Brighton Jones LLC boosted its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the last quarter. Proficio Capital Partners LLC lifted its position in shares of Bank of America by 65.3% in the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock worth $890,000 after buying an additional 7,999 shares during the last quarter. Choate Investment Advisors lifted its position in shares of Bank of America by 13.9% in the 4th quarter. Choate Investment Advisors now owns 63,756 shares of the financial services provider's stock worth $2,802,000 after buying an additional 7,779 shares during the last quarter. Finally, one8zero8 LLC bought a new position in shares of Bank of America in the 4th quarter worth about $2,810,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Barclays reduced their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Piper Sandler dropped 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 report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Stock Down 2.1%

Shares of BAC stock traded down $0.98 during trading on Tuesday, hitting $46.09. 55,093,267 shares of the company were exchanged, compared to its average volume of 40,612,006. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The firm has a market capitalization of $347.14 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.30. The business's 50-day simple moving average is $45.11 and its 200 day simple moving average is $43.57. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31.

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 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

Bank of America Company Profile

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.