Monterey Private Wealth Inc. increased its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,401 shares of the financial services provider’s stock after purchasing an additional 825 shares during the quarter. Bank of America makes up approximately 0.6% of Monterey Private Wealth Inc.’s holdings, making the stock its 28th biggest holding. Monterey Private Wealth Inc.’s holdings in Bank of America were worth $1,080,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in BAC. Regal Wealth Group Inc. grew its holdings in Bank of America by 7.7% during the 1st quarter. Regal Wealth Group Inc. now owns 3,558 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 253 shares during the last quarter. Family Legacy Inc. boosted its stake in shares of Bank of America by 1.2% in the 1st quarter. Family Legacy Inc. now owns 22,567 shares of the financial services provider’s stock valued at $873,000 after purchasing an additional 264 shares during the last quarter. IMS Capital Management boosted its stake in shares of Bank of America by 1.6% in the 1st quarter. IMS Capital Management now owns 17,274 shares of the financial services provider’s stock valued at $668,000 after purchasing an additional 277 shares during the last quarter. PDS Planning Inc boosted its stake in shares of Bank of America by 2.7% in the 1st quarter. PDS Planning Inc now owns 10,744 shares of the financial services provider’s stock valued at $416,000 after purchasing an additional 285 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC boosted its stake in shares of Bank of America by 3.7% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 8,856 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 312 shares during the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.
Shares of Bank of America stock traded down $0.03 during trading on Tuesday, reaching $40.53. The company’s stock had a trading volume of 1,268,255 shares, compared to its average volume of 54,064,039. The business’s 50-day moving average price is $39.07 and its 200-day moving average price is $32.43. The firm has a market cap of $349.66 billion, a PE ratio of 20.08, a P/E/G ratio of 2.13 and a beta of 1.59. Bank of America Co. has a 52 week low of $20.10 and a 52 week high of $41.13. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
Bank of America declared that its Board of Directors has approved a stock buyback program on Tuesday, January 19th that allows the company to buyback $2.90 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Several research analysts have recently issued reports on the stock. 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 on the stock in a research note on Monday, April 19th. Jefferies Financial Group lifted their price objective on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a research note on Friday, April 9th. Barclays lifted their price objective on shares of Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $36.00 in a research note on Tuesday, January 5th. Finally, Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price objective on the stock in a research note on Tuesday, January 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $38.26.
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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