Centennial Wealth Advisory LLC Grows Position in Bank of America Corporation (NYSE:BAC)

Centennial Wealth Advisory LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 7.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,761 shares of the financial services provider’s stock after buying an additional 449 shares during the period. Centennial Wealth Advisory LLC’s holdings in Bank of America were worth $282,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions bought a new position in shares of Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.8%

BAC opened at $45.02 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market cap of $339.09 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.20 and a beta of 1.30. The business has a fifty day simple moving average of $41.98 and a 200-day simple moving average of $43.35. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued 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. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAC shares. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. UBS Group upped their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Truist Financial reduced 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. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.