Bank of America Corporation $BAC Shares Acquired by Braun Stacey Associates Inc.

Braun Stacey Associates Inc. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.5% during the 3rd quarter, Holdings Channel reports. The fund owned 509,036 shares of the financial services provider’s stock after buying an additional 31,008 shares during the quarter. Braun Stacey Associates Inc.’s holdings in Bank of America were worth $26,261,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America during the second quarter worth about $28,000. Steph & Co. raised its stake in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares during the period. Finally, CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the subject of several research reports. Truist Financial lifted their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, December 28th. Oppenheimer upped their price target on Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, TD Cowen boosted their price objective on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.

Bank of America Stock Performance

Shares of BAC opened at $54.98 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $56.54. The stock has a market capitalization of $401.49 billion, a P/E ratio of 14.98 and a beta of 1.29. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s fifty day moving average is $53.73 and its two-hundred day moving average is $50.51.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.