Bank of America Co. (NYSE:BAC) Shares Acquired by Moss Adams Wealth Advisors LLC

Moss Adams Wealth Advisors LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 25,445 shares of the financial services provider’s stock after buying an additional 1,591 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Bank of America were worth $1,062,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. NewSquare Capital LLC lifted its holdings in shares of Bank of America by 94.7% during the 1st quarter. NewSquare Capital LLC now owns 2,605 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 1,267 shares in the last quarter. Courier Capital LLC lifted its holdings in shares of Bank of America by 2.2% during the 1st quarter. Courier Capital LLC now owns 141,406 shares of the financial services provider’s stock valued at $5,901,000 after acquiring an additional 3,044 shares in the last quarter. Wesbanco Bank Inc. lifted its holdings in shares of Bank of America by 674.6% during the 1st quarter. Wesbanco Bank Inc. now owns 273,374 shares of the financial services provider’s stock valued at $11,408,000 after acquiring an additional 238,081 shares in the last quarter. AHL Investment Management Inc. lifted its holdings in shares of Bank of America by 5.4% during the 1st quarter. AHL Investment Management Inc. now owns 5,953 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 303 shares in the last quarter. Finally, Single Point Partners LLC lifted its holdings in shares of Bank of America by 306.1% during the 1st quarter. Single Point Partners LLC now owns 27,631 shares of the financial services provider’s stock valued at $1,153,000 after acquiring an additional 20,827 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $45.01 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a 50-day simple moving average of $40.71 and a 200 day simple moving average of $43.46. The company has a market cap of $339.01 billion, a PE ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Royal Bank of Canada reduced their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Barclays cut 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 report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.