Atwood & Palmer Inc. Boosts Stake in Bank of America Co. (NYSE:BAC)

Atwood & Palmer Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 31.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,509 shares of the financial services provider’s stock after acquiring an additional 3,457 shares during the quarter. Atwood & Palmer Inc.’s holdings in Bank of America were worth $605,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Avalon Trust Co grew its position in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC increased its stake in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares during the period. Consolidated Planning Corp increased its stake in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 226 shares during the period. TAGStone Capital Inc. lifted its position in shares of Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after purchasing an additional 227 shares in the last quarter. Finally, TFB Advisors LLC boosted its stake in shares of Bank of America by 3.8% in the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 230 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.1%

Shares of BAC stock opened at $44.93 on Tuesday. The business’s 50 day moving average is $40.78 and its two-hundred day moving average is $43.44. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $338.41 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. 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 report on Wednesday, April 16th. Finally, Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $47.50.

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.