Greenleaf Trust Purchases 4,799 Shares of Bank of America Corporation (NYSE:BAC)

Greenleaf Trust boosted its position in Bank of America Corporation (NYSE:BAC) by 3.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 156,145 shares of the financial services provider’s stock after purchasing an additional 4,799 shares during the period. Greenleaf Trust’s holdings in Bank of America were worth $6,516,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BAC. Graney & King LLC bought a new stake in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the 4th quarter worth about $29,000. Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $34,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $47.17 on Wednesday. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $355.28 billion, a PE ratio of 14.04, a P/E/G ratio of 1.32 and a beta of 1.30. The company’s 50 day simple moving average is $44.60 and its two-hundred day simple moving average is $43.50.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business 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%. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend 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%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Truist Financial reduced their target price 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. Piper Sandler reduced 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 research report on Wednesday, April 16th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, The Goldman Sachs Group increased their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

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.