waypoint wealth counsel Buys 359 Shares of Bank of America Corporation (NYSE:BAC)

waypoint wealth counsel lifted its position in Bank of America Corporation (NYSE:BAC) by 4.8% in the first quarter, Holdings Channel reports. The firm owned 7,775 shares of the financial services provider’s stock after buying an additional 359 shares during the period. waypoint wealth counsel’s holdings in Bank of America were worth $324,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Graney & King LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.8%

Shares of Bank of America stock opened at $46.66 on Wednesday. The firm has a 50-day simple moving average of $42.72 and a two-hundred day simple moving average of $43.30. The company has a market cap of $351.46 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. 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 (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BAC. Argus reduced their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

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.