Embree Financial Group Boosts Stake in Bank of America Corporation (NYSE:BAC)

Embree Financial Group increased its position in Bank of America Corporation (NYSE:BAC) by 0.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 91,665 shares of the financial services provider’s stock after purchasing an additional 386 shares during the period. Embree Financial Group’s holdings in Bank of America were worth $3,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Avalon Trust Co increased its stake in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares during the last quarter. TAGStone Capital Inc. increased its stake in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after acquiring an additional 227 shares during the last quarter. Hayek Kallen Investment Management increased its stake in shares of Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after acquiring an additional 233 shares during the last quarter. Continuum Advisory LLC increased its stake in shares of Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 237 shares during the last quarter. Finally, Menard Financial Group LLC increased its stake in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after acquiring an additional 240 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.8%

BAC stock opened at $46.32 on Tuesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a 50-day moving average of $42.55 and a two-hundred day moving average of $43.28. The stock has a market capitalization of $348.88 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.23 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 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BAC shares. Truist Financial dropped their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Cfra Research upped their price objective on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

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.