Bleakley Financial Group LLC Boosts Stock Position in Bank of America Corporation (NYSE:BAC)

Bleakley Financial Group LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 6.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 138,960 shares of the financial services provider’s stock after buying an additional 7,815 shares during the period. Bleakley Financial Group LLC’s holdings in Bank of America were worth $5,799,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gradient Investments LLC boosted its stake in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider’s stock worth $274,767,000 after buying an additional 753,880 shares during the last quarter. Employees Retirement System of Texas boosted its stake in shares of Bank of America by 12.7% in the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock worth $69,640,000 after buying an additional 17,880 shares during the last quarter. Prosperity Wealth Management Inc. purchased a new position in shares of Bank of America in the 1st quarter worth $998,000. Finally, Alpha Cubed Investments LLC boosted its stake in shares of Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after buying an additional 17,619 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Citigroup lifted their target price on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Keefe, Bruyette & Woods lowered their target price 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. Finally, Truist Financial lifted their target price on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Bank of America Trading Down 0.6%

Shares of BAC stock opened at $46.71 on Monday. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock’s 50-day moving average price is $44.99 and its 200-day moving average price is $43.55. The stock has a market capitalization of $351.81 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.