5,722 Shares in Bank of America Co. (NYSE:BAC) Bought by McNamara Financial Services Inc.

McNamara Financial Services Inc. purchased a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,722 shares of the financial services provider's stock, valued at approximately $239,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Tectonic Advisors LLC raised its holdings in Bank of America by 16.8% in the 4th quarter. Tectonic Advisors LLC now owns 28,999 shares of the financial services provider's stock valued at $1,274,000 after acquiring an additional 4,163 shares during the last quarter. Syntegra Private Wealth Group LLC purchased a new position in Bank of America in the 4th quarter worth approximately $230,000. Onyx Bridge Wealth Group LLC boosted its holdings in shares of Bank of America by 4.8% during the 4th quarter. Onyx Bridge Wealth Group LLC now owns 10,305 shares of the financial services provider's stock worth $453,000 after purchasing an additional 476 shares during the last quarter. Finally, Benchmark Financial Wealth Advisors LLC grew its position in shares of Bank of America by 8.5% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 21,165 shares of the financial services provider's stock valued at $930,000 after purchasing an additional 1,663 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BAC. Cowen assumed coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Truist Financial dropped their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Stock Up 1.4%

Shares of BAC traded up $0.63 during midday trading on Friday, reaching $45.01. The stock had a trading volume of 36,995,447 shares, compared to its average volume of 39,746,970. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company's fifty day simple moving average is $40.64 and its two-hundred day simple moving average is $43.51. The company has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

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 analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 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.