Sound View Wealth Advisors Group LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 1.1% during the 1st quarter, Holdings Channel reports. The firm owned 37,342 shares of the financial services provider’s stock after buying an additional 417 shares during the quarter. Sound View Wealth Advisors Group LLC’s holdings in Bank of America were worth $1,445,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of BAC. US Bancorp DE boosted its stake in shares of Bank of America by 2.4% in the first quarter. US Bancorp DE now owns 7,991,098 shares of the financial services provider’s stock worth $309,175,000 after acquiring an additional 185,524 shares during the last quarter. Clarity Wealth Advisors LLC acquired a new stake in shares of Bank of America in the first quarter worth approximately $234,000. Unison Asset Management LLC boosted its stake in shares of Bank of America by 3.0% in the first quarter. Unison Asset Management LLC now owns 179,481 shares of the financial services provider’s stock worth $6,944,000 after acquiring an additional 5,219 shares during the last quarter. Raab & Moskowitz Asset Management LLC boosted its stake in shares of Bank of America by 1.5% in the first quarter. Raab & Moskowitz Asset Management LLC now owns 72,629 shares of the financial services provider’s stock worth $2,810,000 after acquiring an additional 1,089 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its stake in shares of Bank of America by 9.4% in the first quarter. Park Avenue Securities LLC now owns 64,006 shares of the financial services provider’s stock worth $2,476,000 after acquiring an additional 5,508 shares during the last quarter. 68.10% of the stock is currently owned by institutional investors.
NYSE:BAC traded down $0.40 during mid-day trading on Tuesday, reaching $40.16. The stock had a trading volume of 1,049,044 shares, compared to its average volume of 54,064,039. The company has a market capitalization of $346.47 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. Bank of America Co. has a 1-year low of $20.10 and a 1-year high of $41.13. The stock’s 50 day simple moving average is $39.07 and its two-hundred day simple moving average is $32.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87.
Bank of America (NYSE:BAC) last issued its earnings results on Thursday, April 15th. The financial services provider reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.21. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.67 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. Bank of America’s quarterly revenue was up .1% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 1.84 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 19th that permits the company to buyback $2.90 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.
A number of equities analysts have weighed in on BAC shares. Smith Barney Citigroup raised Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. UBS Group set a $30.00 price objective on Bank of America and gave the stock a “neutral” rating in a research note on Tuesday, January 19th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $40.50 to $43.50 and gave the stock an “overweight” rating in a research note on Monday. Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price objective on the stock in a research note on Tuesday, January 26th. Finally, Piper Sandler lifted their target price on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, January 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $38.26.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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