Bank of America Corporation (NYSE:BAC) Holdings Raised by Dogwood Wealth Management LLC

Dogwood Wealth Management LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 16,002 shares of the financial services provider’s stock after purchasing an additional 1,107 shares during the quarter. Dogwood Wealth Management LLC’s holdings in Bank of America were worth $668,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its stake 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 acquiring an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new position in Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors raised its stake 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 purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $47.17 on Wednesday. The firm has a market cap of $355.28 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. The company’s 50-day moving average price is $44.60 and its two-hundred day moving average price is $43.50. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $26.83 billion. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BAC shares. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and increased their price objective for the company from $47.00 to $51.00 in a report on Monday. 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 report on Wednesday, April 16th. Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. Finally, Piper Sandler lowered their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

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.