C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Has $626,000 Position in Bank of America Co. (NYSE:BAC)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its holdings in Bank of America Co. (NYSE:BAC) by 50.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,505 shares of the financial services provider’s stock after purchasing an additional 5,559 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Bank of America were worth $626,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Ethos Financial Group LLC lifted its stake in shares of Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares during the period. Auxano Advisors LLC increased its holdings in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the last quarter. DiNuzzo Private Wealth Inc. bought a new stake in Bank of America in the fourth quarter valued at about $105,000. Finally, Concord Wealth Partners increased its holdings in Bank of America by 10.2% in the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 5,103 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Oppenheimer upped their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a report on Tuesday. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, HSBC restated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $40.41.

Bank of America Stock Performance

Shares of BAC traded up $0.28 during mid-day trading on Wednesday, reaching $41.70. The company’s stock had a trading volume of 16,072,992 shares, compared to its average volume of 38,262,766. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $41.83. The stock has a market cap of $326.11 billion, a P/E ratio of 14.35, a PEG ratio of 1.55 and a beta of 1.35. The business has a 50-day simple moving average of $39.32 and a two-hundred day simple moving average of $36.48. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 period last year, the firm posted $0.94 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Bank of America 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.