Krilogy Financial LLC Acquires 6,194 Shares of Bank of America Co. (NYSE:BAC)

Krilogy Financial LLC boosted its stake in Bank of America Co. (NYSE:BAC - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,982 shares of the financial services provider's stock after purchasing an additional 6,194 shares during the quarter. Krilogy Financial LLC's holdings in Bank of America were worth $1,668,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Life Planning Partners Inc boosted its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the 4th quarter valued at about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the 4th quarter valued at about $31,000. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target on the stock. UBS Group lifted their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Barclays decreased their price target on 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. Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Truist Financial decreased their price target on 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $47.69.

Bank of America Stock Down 1.3%

Bank of America stock traded down $0.59 during mid-day trading on Friday, hitting $44.04. The company had a trading volume of 43,276,878 shares, compared to its average volume of 39,781,158. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock's 50 day moving average price is $41.50 and its two-hundred day moving average price is $43.39. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market capitalization of $331.67 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.