Drake & Associates LLC Grows Position in Bank of America Corporation (NYSE:BAC)

Drake & Associates LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 20.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,518 shares of the financial services provider’s stock after buying an additional 2,330 shares during the quarter. Drake & Associates LLC’s holdings in Bank of America were worth $564,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Traveka Wealth LLC lifted its holdings in shares of Bank of America by 41.1% in the 1st quarter. Traveka Wealth LLC now owns 12,255 shares of the financial services provider’s stock valued at $511,000 after buying an additional 3,570 shares during the period. Tradewinds LLC. lifted its holdings in shares of Bank of America by 4.3% in the 1st quarter. Tradewinds LLC. now owns 26,093 shares of the financial services provider’s stock valued at $1,089,000 after buying an additional 1,077 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at approximately $40,000. Argentarii LLC lifted its holdings in shares of Bank of America by 119.1% in the 1st quarter. Argentarii LLC now owns 11,659 shares of the financial services provider’s stock valued at $487,000 after buying an additional 6,337 shares during the period. Finally, McGlone Suttner Wealth Management Inc. lifted its holdings in shares of Bank of America by 10.5% in the 1st quarter. McGlone Suttner Wealth Management Inc. now owns 28,502 shares of the financial services provider’s stock valued at $1,189,000 after buying an additional 2,706 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.5%

Shares of NYSE:BAC opened at $48.94 on Friday. The stock’s 50-day moving average price is $44.28 and its 200-day moving average price is $43.44. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The stock has a market capitalization of $368.61 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. Bank of America’s payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Truist Financial reduced their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price target for the company. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Finally, Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.28.

Bank of America 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.