Orion Porfolio Solutions LLC Raises Stake in Bank of America Corporation $BAC

Orion Porfolio Solutions LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 19.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 317,627 shares of the financial services provider’s stock after acquiring an additional 52,823 shares during the period. Orion Porfolio Solutions LLC’s holdings in Bank of America were worth $15,030,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nova Wealth Management Inc. boosted its holdings in 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 purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC raised its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC grew its position in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares during the period. Finally, Wealth Preservation Advisors LLC grew its position in Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 223 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on BAC shares. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Piper Sandler upped their target price on shares of Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. UBS Group boosted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Finally, The Goldman Sachs Group decreased their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Up 1.1%

Shares of BAC opened at $55.14 on Friday. The stock has a market capitalization of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $55.30. 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 50-day simple moving average is $52.39 and its 200-day simple moving average is $49.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is currently 30.52%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.