Kavar Capital Partners Group LLC Increases Position in Bank of America Corporation (NYSE:BAC)

Kavar Capital Partners Group LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 79.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,229 shares of the financial services provider's stock after buying an additional 7,603 shares during the quarter. Kavar Capital Partners Group LLC's holdings in Bank of America were worth $719,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BAC. Pure Financial Advisors LLC lifted its position in shares of Bank of America by 9.1% in the first quarter. Pure Financial Advisors LLC now owns 34,287 shares of the financial services provider's stock valued at $1,431,000 after acquiring an additional 2,858 shares in the last quarter. Wealth Effects LLC grew its position in shares of Bank of America by 3.7% during the first quarter. Wealth Effects LLC now owns 22,537 shares of the financial services provider's stock worth $940,000 after purchasing an additional 796 shares in the last quarter. Omnia Family Wealth LLC raised its stake in Bank of America by 7.0% during the 1st quarter. Omnia Family Wealth LLC now owns 20,352 shares of the financial services provider's stock valued at $849,000 after purchasing an additional 1,325 shares during the period. New World Advisors LLC lifted its holdings in Bank of America by 17.5% in the 1st quarter. New World Advisors LLC now owns 9,519 shares of the financial services provider's stock worth $397,000 after purchasing an additional 1,419 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new position in Bank of America in the 1st quarter worth approximately $446,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Piper Sandler cut their price objective 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. Finally, Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.40.

Bank of America Stock Up 0.4%

Shares of NYSE:BAC opened at $46.85 on Thursday. The firm has a market capitalization of $352.87 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. The business has a 50 day simple moving average of $42.91 and a two-hundred day simple moving average of $43.33. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. 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 issued its quarterly earnings results 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. The firm 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%. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Bank of America 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.

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