Wealth Enhancement Advisory Services LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 2.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 281,658 shares of the financial services provider’s stock after buying an additional 7,860 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Bank of America were worth $11,179,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Camden National Bank raised its position in Bank of America by 9.8% in the fourth quarter. Camden National Bank now owns 11,568 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 1,030 shares during the period. Bouvel Investment Partners LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $2,219,000. Almanack Investment Partners LLC. grew its holdings in Bank of America by 14.0% during the fourth quarter. Almanack Investment Partners LLC. now owns 17,080 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 2,099 shares during the period. Meritage Portfolio Management purchased a new stake in Bank of America in the fourth quarter worth $2,884,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Bank of America in the fourth quarter valued at $201,000. 70.23% of the stock is owned by institutional investors.
BAC has been the subject of several recent research reports. Morgan Stanley lifted their price objective on Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a report on Monday, March 1st. Zacks Investment Research upgraded 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 research report on Monday, April 19th. Truist started coverage on shares of Bank of America in a research report on Wednesday, June 2nd. They issued a “buy” rating on the stock. Truist Securities started coverage on shares of Bank of America in a report on Wednesday, June 2nd. They issued a “buy” rating for the company. Finally, Barclays lifted their price objective on shares of Bank of America from $40.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, April 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Bank of America has a consensus rating of “Buy” and an average price target of $38.47.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.21. Bank of America had a net margin of 24.09% and a return on equity of 8.90%. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.67 billion. During the same period in the prior year, the business earned $0.40 earnings per share. Bank of America’s revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.11 earnings per share for the current 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 1.72%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is currently 38.50%.
Bank of America declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 15th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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. 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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