15,985 Shares in Bank of America Corporation (NYSE:BAC) Acquired by Caliber Wealth Management LLC KS

Caliber Wealth Management LLC KS bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,985 shares of the financial services provider’s stock, valued at approximately $667,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Capital World Investors lifted its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Northern Trust Corp lifted its stake in Bank of America by 17.2% in 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 buying an additional 9,980,859 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after buying an additional 803,570 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Cfra Research boosted their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. UBS Group boosted their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, Morgan Stanley boosted their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.03.

Bank of America Price Performance

Shares of NYSE:BAC opened at $48.47 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The business has a 50-day moving average of $45.91 and a two-hundred day moving average of $43.75. The stock has a market capitalization of $365.09 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.88 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is currently 30.41%.

Bank of America announced that its board has approved a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.