Secure Asset Management LLC Acquires 54,159 Shares of Bank of America Co. (NYSE:BAC)

Secure Asset Management LLC boosted its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 538.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 64,211 shares of the financial services provider's stock after purchasing an additional 54,159 shares during the period. Secure Asset Management LLC's holdings in Bank of America were worth $2,680,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avalon Trust Co grew its holdings in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares during the last quarter. Prossimo Advisors LLC increased its position in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after buying an additional 220 shares during the period. Consolidated Planning Corp raised its stake in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock worth $356,000 after buying an additional 226 shares during the last quarter. TAGStone Capital Inc. boosted its position in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after acquiring an additional 227 shares during the last quarter. Finally, TFB Advisors LLC grew its holdings in Bank of America by 3.8% during the 4th quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider's stock worth $279,000 after acquiring an additional 230 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Royal Bank of Canada cut their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Piper Sandler dropped their target price on shares of 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 began coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Up 2.0%

Bank of America stock traded up $0.89 during trading on Friday, hitting $45.01. 29,940,710 shares of the company were exchanged, compared to its average volume of 39,741,150. The company has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.27. The business's 50 day moving average is $40.64 and its 200 day moving average is $43.51. Bank of America Co. has a 52 week low of $33.07 and a 52 week 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.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS 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 company 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 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America's dividend payout ratio (DPR) is 30.95%.

Bank of America Company 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.