Concord Investment Counsel Inc. Buys Shares of 160,195 Bank of America Co. (NYSE:BAC)

Concord Investment Counsel Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 160,195 shares of the financial services provider’s stock, valued at approximately $6,075,000. Bank of America accounts for 2.2% of Concord Investment Counsel Inc.’s holdings, making the stock its 15th largest position.

Other institutional investors have also modified their holdings of the company. Harbour Investments Inc. boosted its holdings in shares of Bank of America by 5.7% in the third quarter. Harbour Investments Inc. now owns 16,829 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 901 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in Bank of America during the third quarter worth approximately $527,000. ASB Consultores LLC grew its position in Bank of America by 65.7% in the third quarter. ASB Consultores LLC now owns 16,450 shares of the financial services provider’s stock worth $450,000 after buying an additional 6,522 shares during the last quarter. Modera Wealth Management LLC lifted its position in shares of Bank of America by 4.8% during the 3rd quarter. Modera Wealth Management LLC now owns 87,590 shares of the financial services provider’s stock valued at $2,398,000 after acquiring an additional 3,975 shares during the last quarter. Finally, Fidelity D & D Bancorp Inc. bought a new stake in shares of Bank of America during the 3rd quarter worth $204,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BAC shares. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research note on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $40.41.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.04 during trading hours on Friday, hitting $41.85. 16,340,242 shares of the stock were exchanged, compared to its average volume of 38,126,980. 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 $39.51 and its 200 day moving average is $36.56. The firm has a market capitalization of $327.28 billion, a P/E ratio of 14.46, a P/E/G ratio of 1.59 and a beta of 1.35. Bank of America Co. has a one year low of $24.96 and a one year high of $41.92.

Bank of America (NYSE:BAC) last released its 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. 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 firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.94 earnings per share. On average, research analysts expect that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $0.96 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date was Friday, June 7th. Bank of America’s payout ratio is 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.