Bank of America Co. (NYSE:BAC) Shares Purchased by Powers Advisory Group LLC

Powers Advisory Group LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 30.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,888 shares of the financial services provider’s stock after purchasing an additional 2,069 shares during the period. Powers Advisory Group LLC’s holdings in Bank of America were worth $337,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Core Wealth Partners LLC purchased a new position in shares of Bank of America in the 1st quarter valued at about $217,000. First Trust Direct Indexing L.P. increased its holdings in Bank of America by 10.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 154,881 shares of the financial services provider’s stock valued at $5,873,000 after acquiring an additional 14,951 shares in the last quarter. Massachusetts Wealth Management increased its holdings in Bank of America by 1.3% during the 1st quarter. Massachusetts Wealth Management now owns 71,972 shares of the financial services provider’s stock valued at $2,729,000 after acquiring an additional 906 shares in the last quarter. Madrona Financial Services LLC increased its holdings in Bank of America by 5.3% during the 1st quarter. Madrona Financial Services LLC now owns 6,463 shares of the financial services provider’s stock valued at $245,000 after acquiring an additional 328 shares in the last quarter. Finally, Abundance Wealth Counselors increased its holdings in Bank of America by 3.7% during the 1st quarter. Abundance Wealth Counselors now owns 23,280 shares of the financial services provider’s stock valued at $883,000 after acquiring an additional 821 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.1 %

Shares of BAC traded down $0.03 during mid-day trading on Thursday, reaching $40.90. 17,100,666 shares of the stock traded hands, compared to its average volume of 35,032,784. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $39.06 and a 200 day simple moving average of $36.25. The firm has a market cap of $319.85 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $41.20.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. Piper Sandler raised their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Finally, StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.02.

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.