MCF Advisors LLC Purchases 12,351 Shares of Bank of America Co. (NYSE:BAC)

MCF Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 34.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,583 shares of the financial services provider’s stock after purchasing an additional 12,351 shares during the quarter. MCF Advisors LLC’s holdings in Bank of America were worth $1,842,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Rossmore Private Capital boosted its position in shares of Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares in the last quarter. Chemistry Wealth Management LLC lifted its position in Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after acquiring an additional 310 shares during the period. Regent Peak Wealth Advisors LLC grew its stake in Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group grew its stake in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the last quarter. Finally, Private Ocean LLC grew its stake in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Piper Sandler boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. JPMorgan Chase & Co. boosted their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Jefferies Financial Group boosted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Price Performance

NYSE BAC traded up $0.52 during trading hours on Friday, reaching $39.77. The company’s stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. The firm has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.50 and a beta of 1.36. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company’s 50-day moving average is $38.91 and its two-hundred day moving average is $36.06.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s payout ratio is currently 33.22%.

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