TrueWealth Advisors LLC Purchases 290 Shares of Bank of America Co. (NYSE:BAC)

TrueWealth Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 3.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 9,006 shares of the financial services provider’s stock after purchasing an additional 290 shares during the period. TrueWealth Advisors LLC’s holdings in Bank of America were worth $376,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors increased its holdings in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Amundi lifted its holdings in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAC. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.68 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $336.52 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a 50 day moving average of $40.53 and a 200-day moving average of $43.52. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.