Global Trust Asset Management LLC Has $63,000 Stake in Bank of America Corporation (NYSE:BAC)

Global Trust Asset Management LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 22.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,515 shares of the financial services provider’s stock after acquiring an additional 275 shares during the period. Global Trust Asset Management LLC’s holdings in Bank of America were worth $63,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in Bank of America during the 4th quarter worth approximately $60,679,000. Arizona State Retirement System increased its position in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares during the period. Gradient Investments LLC raised its stake in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH lifted its holdings in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.4%

BAC opened at $44.22 on Wednesday. The company has a fifty day moving average price of $41.83 and a two-hundred day moving average price of $43.34. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a market cap of $333.08 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Piper Sandler decreased their price objective 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. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Royal Bank Of Canada lowered their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, Truist Financial decreased 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 report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America 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.