Bank of America Co. (NYSE:BAC) Shares Bought by Gradient Investments LLC

Gradient Investments LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 696,416 shares of the financial services provider’s stock after acquiring an additional 50,296 shares during the quarter. Gradient Investments LLC’s holdings in Bank of America were worth $29,061,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth about $429,000. Tokio Marine Asset Management Co. Ltd. increased its position in Bank of America by 2.4% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 198,148 shares of the financial services provider’s stock worth $8,709,000 after purchasing an additional 4,567 shares during the last quarter. DAVENPORT & Co LLC increased its position in Bank of America by 2.3% in the 4th quarter. DAVENPORT & Co LLC now owns 380,739 shares of the financial services provider’s stock worth $16,733,000 after purchasing an additional 8,379 shares during the last quarter. Finally, SYM FINANCIAL Corp increased its position in Bank of America by 9.4% in the 4th quarter. SYM FINANCIAL Corp now owns 15,985 shares of the financial services provider’s stock worth $703,000 after purchasing an additional 1,379 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.2%

Shares of BAC opened at $44.14 on Monday. The stock has a fifty day moving average price of $40.46 and a two-hundred day moving average price of $43.53. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27.

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 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 10.29% and a net margin of 14.10%. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BAC shares. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Truist Financial lowered their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Barclays lowered their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.