Bank of America Co. (NYSE:BAC) Shares Acquired by Precedent Wealth Partners LLC

Precedent Wealth Partners LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 17.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,162 shares of the financial services provider’s stock after acquiring an additional 5,898 shares during the period. Precedent Wealth Partners LLC’s holdings in Bank of America were worth $1,676,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Graney & King LLC purchased a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on BAC shares. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Truist Financial reduced their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Finally, Argus cut their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Trading Down 1.3%

Shares of NYSE BAC opened at $44.04 on Monday. The stock’s 50 day moving average price is $41.50 and its two-hundred day moving average price is $43.36. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The stock has a market capitalization of $331.67 billion, a P/E ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, analysts anticipate that Bank of America Co. 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 will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is 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.