Mission Wealth Management LP Has $6.49 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Mission Wealth Management LP increased its stake in shares of Bank of America Co. (NYSE:BAC) by 32.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,568 shares of the financial services provider's stock after purchasing an additional 38,223 shares during the quarter. Mission Wealth Management LP's holdings in Bank of America were worth $6,492,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Piper Sandler cut their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report 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 assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.69.

Bank of America Trading Down 1.3%

BAC opened at $44.04 on Monday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. 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 company has a market cap of $331.67 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a fifty day moving average price of $41.50 and a two-hundred day moving average price of $43.36.

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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

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