Whelan Financial Increases Position in Bank of America Corporation (NYSE:BAC)

Whelan Financial lifted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 145.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,387 shares of the financial services provider's stock after purchasing an additional 6,748 shares during the period. Whelan Financial's holdings in Bank of America were worth $475,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Burke & Herbert Bank & Trust Co. lifted its stake in Bank of America by 2.6% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 47,494 shares of the financial services provider's stock worth $1,982,000 after acquiring an additional 1,200 shares during the last quarter. Sutton Place Investors LLC lifted its position in shares of Bank of America by 10.6% during the 1st quarter. Sutton Place Investors LLC now owns 8,471 shares of the financial services provider's stock worth $353,000 after purchasing an additional 809 shares during the last quarter. Adell Harriman & Carpenter Inc. lifted its position in shares of Bank of America by 11.9% during the 1st quarter. Adell Harriman & Carpenter Inc. now owns 52,762 shares of the financial services provider's stock worth $2,202,000 after purchasing an additional 5,631 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Bank of America by 2.7% during the 1st quarter. Concurrent Investment Advisors LLC now owns 272,594 shares of the financial services provider's stock worth $11,375,000 after purchasing an additional 7,251 shares during the last quarter. Finally, Simmons Bank lifted its position in shares of Bank of America by 0.4% during the 1st quarter. Simmons Bank now owns 237,060 shares of the financial services provider's stock worth $9,893,000 after purchasing an additional 871 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Piper Sandler decreased their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Stock Performance

Bank of America stock traded down $0.28 during trading hours on Monday, reaching $48.65. 35,412,031 shares of the stock were exchanged, compared to its average volume of 40,161,400. The stock has a market cap of $366.43 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The firm's 50 day moving average is $44.28 and its 200 day moving average is $43.44.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) 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 net margin of 14.56% and a return on equity of 10.25%. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders 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 2.14%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.