M3 Advisory Group LLC Grows Stake in Bank of America Corporation (NYSE:BAC)

M3 Advisory Group LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,294 shares of the financial services provider’s stock after purchasing an additional 485 shares during the period. M3 Advisory Group LLC’s holdings in Bank of America were worth $596,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Flagship Harbor Advisors LLC grew its holdings in Bank of America by 0.8% during the first quarter. Flagship Harbor Advisors LLC now owns 34,157 shares of the financial services provider’s stock valued at $1,425,000 after purchasing an additional 271 shares during the period. Live Oak Private Wealth LLC lifted its position in shares of Bank of America by 0.9% during the 1st quarter. Live Oak Private Wealth LLC now owns 377,203 shares of the financial services provider’s stock valued at $15,741,000 after buying an additional 3,549 shares during the last quarter. Ridgecrest Wealth Partners LLC grew its stake in shares of Bank of America by 16.8% during the 1st quarter. Ridgecrest Wealth Partners LLC now owns 13,882 shares of the financial services provider’s stock worth $579,000 after acquiring an additional 2,000 shares during the period. 1858 Wealth Management LLC increased its holdings in Bank of America by 30.8% in the 1st quarter. 1858 Wealth Management LLC now owns 6,137 shares of the financial services provider’s stock worth $256,000 after acquiring an additional 1,445 shares during the last quarter. Finally, Cassia Capital Partners LLC raised its stake in Bank of America by 53.0% in the 1st quarter. Cassia Capital Partners LLC now owns 23,081 shares of the financial services provider’s stock valued at $963,000 after acquiring an additional 7,995 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.0%

BAC stock opened at $45.51 on Monday. The company’s 50 day moving average is $42.36 and its 200 day moving average is $43.28. The stock has a market cap of $342.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.23 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 Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm 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 14.56% and a return on equity of 10.25%. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. Bank of America’s dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup reduced 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. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Finally, Piper Sandler cut their price target 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $47.69.

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.