Hidden Cove Wealth Management LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,270 shares of the financial services provider's stock, valued at approximately $262,000.
Several other large investors have also recently modified their holdings of the stock. Graney & King LLC bought a new position in Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter worth $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on BAC. Piper Sandler decreased their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Citigroup lifted their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday. Morgan Stanley boosted 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. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $47.56.
View Our Latest Report on Bank of America
Bank of America Price Performance
NYSE BAC opened at $47.51 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market cap of $357.83 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30. The company's 50 day moving average is $43.12 and its two-hundred day moving average is $43.34.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America's dividend payout ratio is presently 30.95%.
About Bank of America
(
Free Report)
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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