Synergy Asset Management LLC Grows Stock Position in Bank of America Corporation (NYSE:BAC)

Synergy Asset Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 38.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,864 shares of the financial services provider's stock after acquiring an additional 9,172 shares during the period. Synergy Asset Management LLC's holdings in Bank of America were worth $1,371,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.0%

Shares of NYSE BAC opened at $45.51 on Friday. The business has a 50-day moving average of $42.36 and a two-hundred day moving average of $43.31. The company has a market capitalization of $342.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm 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, analysts forecast 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 will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BAC shares. Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus 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.

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