Simplicity Wealth LLC Boosts Position in Bank of America Co. (NYSE:BAC)

Simplicity Wealth LLC grew its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 821.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 63,576 shares of the financial services provider's stock after acquiring an additional 56,678 shares during the period. Simplicity Wealth LLC's holdings in Bank of America were worth $2,653,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Collier Financial bought a new stake in Bank of America during the fourth quarter valued at about $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.5%

Shares of NYSE:BAC traded up $0.24 during trading on Tuesday, hitting $45.11. The company had a trading volume of 32,191,403 shares, compared to its average volume of 39,742,891. The stock has a market cap of $339.73 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. 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 has a fifty day simple moving average of $40.78 and a two-hundred day simple moving average of $43.44. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

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, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities analysts forecast 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. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $47.69.

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.