Hohimer Wealth Management LLC Takes Position in Bank of America Corporation (NYSE:BAC)

Hohimer Wealth Management LLC acquired a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,655 shares of the financial services provider's stock, valued at approximately $820,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Graney & King LLC purchased a new position in Bank of America in the fourth quarter valued at $25,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America in the 4th quarter worth about $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 0.7%

Shares of BAC traded up $0.31 during mid-day trading on Monday, reaching $47.04. The stock had a trading volume of 36,347,443 shares, compared to its average volume of 43,392,902. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31. The firm has a market cap of $354.29 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 1.27 and a beta of 1.30. The business's fifty day moving average is $44.99 and its 200 day moving average is $43.55. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

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 earnings per share for the quarter, beating 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%. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Truist Financial boosted their price objective on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $48.89.

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.