Wealthsource Partners LLC increased its stake in shares of Bank of America Co. (NYSE:BAC – Get Rating) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,438 shares of the financial services provider’s stock after acquiring an additional 2,698 shares during the quarter. Wealthsource Partners LLC’s holdings in Bank of America were worth $1,914,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bromfield Sneider Wealth Advisors bought a new position in shares of Bank of America in the first quarter valued at $26,000. Corbenic Partners LLC lifted its stake in shares of Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock valued at $26,000 after buying an additional 422 shares in the last quarter. Bivin & Associates Inc. bought a new position in shares of Bank of America during the fourth quarter valued at about $28,000. Reitz Capital Advisors LLC bought a new position in shares of Bank of America during the first quarter valued at about $38,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in shares of Bank of America during the first quarter valued at about $38,000. 70.46% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Piper Sandler dropped their price target on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. BMO Capital Markets decreased their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a report on Tuesday, April 19th. Credit Suisse Group decreased their price objective on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, July 19th. Royal Bank of Canada decreased their price objective on shares of Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Finally, Wells Fargo & Company decreased their price objective on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $46.66.
Bank of America Trading Up 1.7 %
Bank of America (NYSE:BAC – Get Rating) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The business had revenue of $22.69 billion during the quarter, compared to the consensus estimate of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share. Analysts expect that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America’s payout ratio is presently 26.25%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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