Alhambra Investment Management LLC Has $351,000 Stock Position in Bank of America Co. (NYSE:BAC)

Alhambra Investment Management LLC lifted its position in Bank of America Co. (NYSE:BAC) by 13.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,408 shares of the financial services provider’s stock after buying an additional 994 shares during the quarter. Alhambra Investment Management LLC’s holdings in Bank of America were worth $351,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc raised its stake in 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 purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the 4th quarter valued at $29,000. Finally, Vega Investment Solutions acquired a new position in Bank of America during the 4th quarter valued at $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on BAC shares. Truist Financial cut their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Stock Up 0.5%

Shares of NYSE BAC opened at $45.11 on Wednesday. The firm has a market capitalization of $339.73 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm’s 50-day moving average is $40.93 and its 200-day moving average is $43.46.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) 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 net margin of 14.10% and a return on equity of 10.29%. Equities analysts expect that Bank of America Co. will post 3.7 EPS 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. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.