Prevail Innovative Wealth Advisors LLC Acquires Shares of 88,664 Bank of America Corporation (NYSE:BAC)

Prevail Innovative Wealth Advisors LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 88,664 shares of the financial services provider’s stock, valued at approximately $3,700,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Graney & King LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $25,000. Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $34,000. Finally, Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 276 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.7%

Bank of America stock opened at $47.04 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 one year low of $33.07 and a one year high of $49.31. The stock has a market capitalization of $354.29 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The business’s fifty day moving average is $45.11 and its 200 day moving average is $43.57.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating 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 company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors 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 annualized dividend and a dividend yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Finally, Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

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.