Forum Financial Management LP Buys 445 Shares of Bank of America Corporation (NYSE:BAC)

Forum Financial Management LP lifted its stake in Bank of America Corporation (NYSE:BAC) by 0.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,507 shares of the financial services provider’s stock after buying an additional 445 shares during the period. Forum Financial Management LP’s holdings in Bank of America were worth $4,361,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Graney & King LLC bought a new position in Bank of America in the 4th quarter valued at $25,000. Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 53.0% in 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 during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target for the company. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective 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. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.00 on Thursday. The firm has a 50-day simple moving average of $45.32 and a 200-day simple moving average of $43.60. The stock has a market capitalization of $346.49 billion, a price-to-earnings ratio of 13.69, 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. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the business earned $0.83 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, 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 business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 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.