Bank of America Co. (NYSE:BAC) Stock Position Raised by Naviter Wealth LLC

Naviter Wealth LLC increased its position in Bank of America Co. (NYSE:BAC) by 5.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,405 shares of the financial services provider’s stock after buying an additional 3,693 shares during the period. Naviter Wealth LLC’s holdings in Bank of America were worth $2,632,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in Bank of America in the third quarter worth $25,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter worth about $28,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America during the 4th quarter valued at about $32,000. Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the 1st quarter valued at approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC lifted its holdings in Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC traded up $0.92 during trading on Tuesday, reaching $40.93. 35,616,728 shares of the company’s stock were exchanged, compared to its average volume of 38,837,402. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.96. The company has a market capitalization of $320.09 billion, a P/E ratio of 14.16, a PEG ratio of 1.52 and a beta of 1.35. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business has a 50 day moving average price of $38.95 and a 200 day moving average price of $36.17.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. HSBC reissued a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Piper Sandler upped their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Company 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.