AM Investment Strategies LLC increased its stake in Bank of America Co. (NYSE:BAC) shares by 13.1% during the first quarter, as reported in the company's latest disclosure to the Securities and Exchange Commission (SEC). After buying an additional 6,618 shares during this period, the fund held 57,215 shares of the financial services provider's stock. The value of AM Investment Strategies LLC's holdings in Bank of America was $1,636,000 at the close of the most recent quarter.
Numerous other hedge funds and institutional investors have also either increased or decreased their holdings in the company. Legend Financial Advisors Inc. boosted its stake in Bank of America shares by 6,772.7% in the 4th quarter. After buying an additional 745 shares in the last quarter, Legend Financial Advisors Inc. now holds 756 shares of the financial services provider's stock, valued at $25,000. Tanglewood Legacy Advisors LLC acquired a new stake in Bank of America shares in the 4th quarter, worth around $26,000. Grey Fox Wealth Advisors LLC also bought a new stake in Bank of America shares in the 4th quarter, worth roughly $35,000. Mendota Financial Group LLC acquired a new stake in Bank of America shares in the 4th quarter, worth around $36,000. Lastly, McElhenny Sheffield Capital Management LLC bought a new stake in Bank of America shares in the 4th quarter, worth approximately $38,000. Institutional investors and hedge funds own 67.34% of the stock.
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Stock of Bank of America Rises 1.8%
BAC's shares increased by $0.51 during Tuesday's mid-day trading, reaching $29.20. The company's stock saw an exchange of 30,995,831 shares, in contrast to its average volume of 42,235,568. The business maintains a fifty-day moving average of $28.40 and a two-hundred-day moving average of $30.93. Over the past year, Bank of America Co. has experienced a low of $26.32 and a high of $38.60. The stock's market cap stands at $232.70 billion, with a price-to-earnings ratio of 8.76, a P/E/G ratio of 1.21, and a beta of 1.36. The firm's quick ratio is 0.82, its current ratio is 0.82, and its debt-to-equity ratio is 1.13.
Bank of America Declares Dividend
Bank of America ( NYSE:BAC Free Report ) recently announced its earnings results on Tuesday, April 18th. The provider of financial services disclosed $0.94 earnings per share (EPS) for the quarter, surpassing analysts' consensus estimates of $0.83 by $0.11. Bank of America recorded a net margin of 21.85% and a return on equity of 11.72%. The company generated revenue of $26.26 billion for the quarter, in contrast to analyst estimates of $25.28 billion. In the same period the previous year, the company reported $0.80 EPS. Bank of America's revenue increased by 13.0% compared to the same quarter the previous year. On average, sell-side analysts predict that Bank of America Co. will report 3.4 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was disbursed on Friday, June 30th. Shareholders on record as of Friday, June 2nd received a $0.22 dividend. The ex-dividend date for this dividend was Thursday, June 1st. This signifies an annualized dividend of $0.88 and a yield of 3.01%. The current payout ratio of Bank of America is 26.43%.
Analysts from Wall Street Share Their Opinions
Several equity research analysts have recently shared their views on the stock. Oppenheimer raised their price target for Bank of America shares from $44.00 to $47.00, assigning the company an 'outperform' rating in a research report on Wednesday, April 19th. Morgan Stanley also increased their target price for Bank of America shares from $31.00 to $32.00, giving the stock an 'equal weight' rating in a research report on the same day. On Wednesday, April 12th, Barclays reduced their target price for Bank of America shares from $48.00 to $39.00 and assigned an 'overweight' rating to the company in a research report. Keefe, Bruyette & Woods raised their target price for Bank of America shares from $28.00 to $29.00 and gave the stock an 'underperform' rating in a research report on Wednesday, April 19th. Lastly, Odeon Capital Group downgraded Bank of America shares from a 'buy' rating to a 'hold' rating and set a $35.20 target price for the company in a research report on Wednesday, March 8th. Two analysts have given the stock a sell rating, seven have assigned a hold rating, and ten have given a buy rating. According to MarketBeat data, the stock currently has an average rating of 'Hold' and an average target price of $36.77.
Regarding Bank of America
Through its subsidiaries, Bank of America Corporation delivers banking and financial services and products to individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments across the globe. The Consumer Banking division of the corporation provides traditional and money market savings accounts, IRAs and certificates of deposit, checking accounts with and without interest, and investment accounts and products. Additionally, it offers credit and debit cards, home equity loans and residential mortgages, as well as direct and indirect loans, including automotive, recreational vehicle, and personal consumer loans.
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