Moody National Bank Trust Division Has $3.88 Million Stake in Bank of America Co. (NYSE:BAC)

Moody National Bank Trust Division raised its stake in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 92,879 shares of the financial services provider’s stock after purchasing an additional 925 shares during the period. Moody National Bank Trust Division’s holdings in Bank of America were worth $3,876,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BAC. Collier Financial acquired a new position in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc boosted its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions purchased a new position in shares of Bank of America in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $44.26 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market cap of $333.33 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a 50-day moving average price of $40.45 and a 200-day moving average price of $43.57. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, equities analysts anticipate that Bank of America Co. 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America’s payout ratio is presently 30.95%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BAC shares. Argus cut their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating on the stock. Truist Financial lowered their target price 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. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Finally, Royal Bank of Canada lowered their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.