HM Payson & Co. lifted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 51.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 411,444 shares of the financial services provider's stock after acquiring an additional 140,071 shares during the period. HM Payson & Co.'s holdings in Bank of America were worth $17,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in BAC. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions purchased a new stake in Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America in the fourth quarter valued at $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the stock. The Goldman Sachs Group upped their price target on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Truist Financial lowered 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 report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Barclays lowered their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.28.
Get Our Latest Stock Analysis on BAC
Bank of America Price Performance
Shares of BAC traded down $0.28 during mid-day trading on Monday, hitting $48.65. 35,412,031 shares of the company were exchanged, compared to its average volume of 40,161,400. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. 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 company has a 50 day moving average of $44.46 and a 200-day moving average of $43.47. The stock has a market cap of $366.43 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Analysts expect 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. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.14%. Bank of America's payout ratio is 30.95%.
Bank of America Profile
(
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.
See Also
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
