Global Wealth Management Investment Advisory Inc. Has $10.07 Million Holdings in Bank of America Corporation (NYSE:BAC)

Global Wealth Management Investment Advisory Inc. boosted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 241,208 shares of the financial services provider's stock after buying an additional 8,048 shares during the period. Bank of America comprises 2.0% of Global Wealth Management Investment Advisory Inc.'s investment portfolio, making the stock its 16th largest holding. Global Wealth Management Investment Advisory Inc.'s holdings in Bank of America were worth $10,066,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew 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 in the last quarter. Bank Pictet & Cie Europe AG grew its stake in Bank of America by 35.7% during the 4th 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 in the last quarter. NewSquare Capital LLC purchased a new position in Bank of America during the 4th quarter valued at about $59,000. Proficio Capital Partners LLC grew its stake in Bank of America by 65.3% during the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after acquiring an additional 7,999 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in Bank of America by 3.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 990,642 shares of the financial services provider's stock valued at $43,539,000 after acquiring an additional 29,015 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $48.94 on Friday. The business has a fifty day simple moving average of $44.10 and a 200 day simple moving average of $43.42. 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 $368.61 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results 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 during 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%. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.13%. Bank of America's payout ratio is 30.95%.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Piper Sandler lowered their target price on 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. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Truist Financial dropped their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Oppenheimer restated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $48.28.

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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