Rehmann Capital Advisory Group Boosts Stake in Bank of America Corporation (NYSE:BAC)

Rehmann Capital Advisory Group boosted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 13.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 49,949 shares of the financial services provider's stock after buying an additional 5,814 shares during the quarter. Rehmann Capital Advisory Group's holdings in Bank of America were worth $2,085,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in BAC. Brighton Jones LLC boosted its position 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 valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG raised its stake in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Bank of America by 65.3% in the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock worth $890,000 after buying an additional 7,999 shares during the period. Johnson Investment Counsel Inc. grew its holdings in Bank of America by 5.1% in the 4th quarter. Johnson Investment Counsel Inc. now owns 241,735 shares of the financial services provider's stock worth $10,624,000 after acquiring an additional 11,704 shares during the last quarter. Finally, Independent Advisor Alliance grew its holdings in Bank of America by 11.6% in the 4th quarter. Independent Advisor Alliance now owns 246,724 shares of the financial services provider's stock worth $10,844,000 after acquiring an additional 25,666 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 3.1%

BAC opened at $47.17 on Wednesday. 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 business has a 50 day simple moving average of $44.60 and a 200-day simple moving average of $43.50. The stock has a market capitalization of $355.28 billion, a P/E ratio of 14.04, a P/E/G ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.

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

Bank of America Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and upped their target price for the stock from $47.00 to $51.00 in a research report on Monday. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Evercore ISI lowered their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Finally, Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has 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 an average price target of $48.33.

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.

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