Lineweaver Wealth Advisors LLC Raises Stock Position in Bank of America Corporation (NYSE:BAC)

Lineweaver Wealth Advisors LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 14.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,207 shares of the financial services provider's stock after acquiring an additional 6,392 shares during the period. Lineweaver Wealth Advisors LLC's holdings in Bank of America were worth $2,095,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors raised its stake in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the period. Finally, Northern Trust Corp raised its stake in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.7%

Shares of Bank of America stock traded up $0.33 during trading on Friday, hitting $47.35. The stock had a trading volume of 17,165,129 shares, compared to its average volume of 43,507,000. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The firm's fifty day simple moving average is $45.42 and its 200-day simple moving average is $43.62. The stock has a market cap of $356.63 billion, a PE ratio of 13.84, a PEG ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 EPS. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Cowen initiated coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $49.55.

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.