Alhambra Investment Management LLC Has $351,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Alhambra Investment Management LLC lifted its position in Bank of America Co. (NYSE:BAC) by 13.4% during the first quarter, HoldingsChannel.com reports. The fund owned 8,408 shares of the financial services provider’s stock after purchasing an additional 994 shares during the period. Alhambra Investment Management LLC’s holdings in Bank of America were worth $351,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its position 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 valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $45.11 on Wednesday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. 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 firm has a fifty day simple moving average of $40.93 and a 200 day simple moving average of $43.46. The stock has a market capitalization of $339.73 billion, a PE ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, research analysts expect 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. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analysts Set New Price Targets

A number of analysts recently weighed in on BAC shares. UBS Group increased their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Royal Bank of Canada dropped 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. TD Cowen began coverage on shares of Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price on the stock. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $47.69.

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.