FORVIS Wealth Advisors LLC Increases Stock Position in Bank of America Co. (NYSE:BAC)

FORVIS Wealth Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 145,097 shares of the financial services provider’s stock after buying an additional 4,392 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in Bank of America were worth $5,502,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Rossmore Private Capital raised its stake in Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after acquiring an additional 303 shares during the last quarter. Chemistry Wealth Management LLC lifted its holdings in shares of Bank of America by 0.3% during the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after purchasing an additional 310 shares during the period. Regent Peak Wealth Advisors LLC grew its position in Bank of America by 3.2% in 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 buying an additional 314 shares during the last quarter. Kennedy Investment Group increased its stake in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares during the period. Finally, Private Ocean LLC raised its position 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 worth $43,000 after buying an additional 325 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. JPMorgan Chase & Co. lifted 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. Finally, Evercore ISI increased their price objective on Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $40.02.

Bank of America Price Performance

BAC stock traded down $0.03 on Thursday, reaching $40.90. The company had a trading volume of 17,100,666 shares, compared to its average volume of 35,032,784. The company’s fifty day moving average is $39.06 and its 200 day moving average is $36.25. The company has a market cap of $319.85 billion, a P/E ratio of 14.15, a PEG ratio of 1.56 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $41.20.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. Bank of America’s dividend 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.