Alpine Bank Wealth Management Acquires Shares of 10,695 Bank of America Corporation (NYSE:BAC)

Alpine Bank Wealth Management acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,695 shares of the financial services provider’s stock, valued at approximately $446,000.

Other large investors have also recently added to or reduced their stakes in the company. Graney & King LLC bought a new position in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new position in Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions bought a new position in Bank of America during the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the 4th quarter valued at $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the 4th quarter valued at $34,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on BAC shares. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Piper Sandler reduced their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Argus reduced their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Bank of America Stock Up 0.8%

Bank of America stock opened at $46.66 on Wednesday. The stock has a market cap of $351.46 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.26 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. The company’s 50-day moving average price is $42.72 and its two-hundred day moving average price is $43.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate 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%. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America’s dividend payout ratio is currently 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.