Prevail Innovative Wealth Advisors LLC Invests $3.70 Million in Bank of America Corporation (NYSE:BAC)

Prevail Innovative Wealth Advisors LLC purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 88,664 shares of the financial services provider's stock, valued at approximately $3,700,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cornercap Investment Counsel Inc. acquired a new stake in shares of Bank of America in the first quarter worth $1,447,000. Graybill Wealth Management LTD. acquired a new stake in Bank of America during the 1st quarter worth about $3,872,000. Asahi Life Asset Management CO. LTD. grew its stake in Bank of America by 45.1% during the 1st quarter. Asahi Life Asset Management CO. LTD. now owns 19,680 shares of the financial services provider's stock valued at $821,000 after acquiring an additional 6,120 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in shares of Bank of America by 13.4% in the 1st quarter. Apollon Wealth Management LLC now owns 182,962 shares of the financial services provider's stock valued at $7,635,000 after purchasing an additional 21,587 shares during the period. Finally, Hohimer Wealth Management LLC purchased a new stake in shares of Bank of America in the first quarter worth approximately $820,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Cfra Research upped their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Stock Performance

NYSE:BAC traded down $0.98 during midday trading on Tuesday, reaching $46.09. The stock had a trading volume of 55,093,267 shares, compared to its average volume of 39,823,948. The stock has a market capitalization of $347.14 billion, a P/E ratio of 14.01, a PEG ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm's fifty day simple moving average is $45.11 and its 200-day simple moving average is $43.57.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was 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.