Ignite Planners LLC Purchases 7,733 Shares of Bank of America Corporation (NYSE:BAC)

Ignite Planners LLC raised its position in Bank of America Corporation (NYSE:BAC) by 46.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,474 shares of the financial services provider’s stock after purchasing an additional 7,733 shares during the period. Ignite Planners LLC’s holdings in Bank of America were worth $983,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors increased its position in 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. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Northern Trust Corp boosted its position in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in Bank of America by 39.6% in the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider’s stock worth $1,457,031,000 after purchasing an additional 9,409,076 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3%

NYSE BAC opened at $47.47 on Tuesday. The firm has a market cap of $357.50 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.29 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock’s 50-day moving average is $45.53 and its 200-day moving average is $43.64. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.83 earnings per share. Sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio is presently 30.41%.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Truist Financial increased their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Finally, Robert W. Baird reissued a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.03.

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.