AssuredPartners Investment Advisors LLC Increases Position in Bank of America Corporation (NYSE:BAC)

AssuredPartners Investment Advisors LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 6.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,969 shares of the financial services provider’s stock after purchasing an additional 6,098 shares during the quarter. Bank of America accounts for 0.8% of AssuredPartners Investment Advisors LLC’s investment portfolio, making the stock its 27th largest position. AssuredPartners Investment Advisors LLC’s holdings in Bank of America were worth $4,213,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. GHP Investment Advisors Inc. increased its holdings in Bank of America by 1.8% during the 1st quarter. GHP Investment Advisors Inc. now owns 133,600 shares of the financial services provider’s stock valued at $5,575,000 after acquiring an additional 2,301 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in Bank of America by 5.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 3,035,714 shares of the financial services provider’s stock valued at $126,680,000 after acquiring an additional 149,915 shares in the last quarter. Walkner Condon Financial Advisors LLC increased its holdings in Bank of America by 7.9% during the 1st quarter. Walkner Condon Financial Advisors LLC now owns 7,341 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 536 shares in the last quarter. Continuum Advisory LLC increased its holdings in Bank of America by 32.9% during the 1st quarter. Continuum Advisory LLC now owns 22,196 shares of the financial services provider’s stock valued at $926,000 after acquiring an additional 5,489 shares in the last quarter. Finally, CV Advisors LLC purchased a new position in Bank of America during the 1st quarter valued at about $4,463,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BAC shares. Royal Bank Of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Truist Financial decreased their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Bank of America Price Performance

BAC opened at $46.32 on Tuesday. The stock has a market capitalization of $348.88 billion, a PE ratio of 13.79, a P/E/G ratio of 1.23 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The company’s 50 day simple moving average is $42.55 and its 200 day simple moving average is $43.28.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. 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 2.25%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

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.