JustInvest LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 40.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,218 shares of the financial services provider’s stock after buying an additional 24,428 shares during the period. Bank of America makes up approximately 0.5% of JustInvest LLC’s investment portfolio, making the stock its 29th largest position. JustInvest LLC’s holdings in Bank of America were worth $3,258,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Truvestments Capital LLC acquired a new stake in Bank of America during the fourth quarter worth about $25,000. Clark Financial Advisors acquired a new stake in Bank of America during the fourth quarter worth about $29,000. Diversified LLC acquired a new stake in Bank of America during the fourth quarter worth about $29,000. Kathmere Capital Management LLC acquired a new stake in Bank of America during the third quarter worth about $31,000. Finally, Clean Yield Group grew its stake in Bank of America by 90.9% during the fourth quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 68.10% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Credit Suisse Group increased their price objective on shares of Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 20th. UBS Group set a $30.00 target price on shares of Bank of America and gave the stock a “neutral” rating in a report on Tuesday, January 19th. Piper Sandler increased their target price on shares of Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, January 11th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 target price for the company in a report on Monday, April 19th. Finally, Smith Barney Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating in a report on Monday, January 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average price target of $38.26.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.21. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.67 billion. During the same quarter last year, the business earned $0.40 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Stockholders of record on Friday, June 4th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is 24.49%.
Bank of America announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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