Alpine Bank Wealth Management Invests $446,000 in Bank of America Corporation (NYSE:BAC)

Alpine Bank Wealth Management acquired a new position in Bank of America Corporation (NYSE:BAC) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 10,695 shares of the financial services provider’s stock, valued at approximately $446,000.

Several other hedge funds also recently made changes to their positions in BAC. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the period. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors boosted its holdings in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Bank of America by 17.2% in 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 buying an additional 9,980,859 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BAC. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Piper Sandler decreased their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.40.

Bank of America Price Performance

NYSE BAC opened at $46.66 on Wednesday. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The stock has a market capitalization of $351.46 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. 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 company has a 50 day moving average price of $42.72 and a two-hundred day moving average price of $43.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is 30.95%.

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.