Navis Wealth Advisors LLC Increases Position in Bank of America Corporation (NYSE:BAC)

Navis Wealth Advisors LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 68.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,317 shares of the financial services provider’s stock after buying an additional 5,000 shares during the quarter. Navis Wealth Advisors LLC’s holdings in Bank of America were worth $514,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in Bank of America in the fourth quarter worth approximately $60,679,000. Arizona State Retirement System increased its holdings in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares during the period. Gradient Investments LLC raised its position in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH raised its position in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after purchasing an additional 38,258 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.8%

Shares of NYSE BAC opened at $46.32 on Tuesday. The stock has a market cap 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 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 12-month low of $33.07 and a 12-month high of $48.08. The company has a 50-day moving average of $42.55 and a 200 day moving average of $43.28.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (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. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. The Goldman Sachs Group lifted their price objective on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Barclays reduced their price target 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. Royal Bank Of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

About Bank of America

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.