Sirios Capital Management L P Has $3.61 Million Holdings in Bank of America Corporation $BAC

Sirios Capital Management L P raised its position in Bank of America Corporation (NYSE:BAC) by 32.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 76,346 shares of the financial services provider’s stock after purchasing an additional 18,503 shares during the period. Sirios Capital Management L P’s holdings in Bank of America were worth $3,613,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Wealth Advisory Solutions LLC lifted its holdings in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares during the period. Ballast Advisors LLC raised its position in shares of Bank of America by 4.1% in the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its stake in shares of Bank of America by 0.8% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC boosted its position in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. grew its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.7%

Bank of America stock opened at $53.52 on Wednesday. The firm has a 50 day simple moving average of $52.15 and a 200 day simple moving average of $49.30. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.83. The firm has a market capitalization of $390.81 billion, a price-to-earnings ratio of 14.58 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Morgan Stanley lifted their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Truist Financial increased their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Finally, Evercore ISI increased their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.77.

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.