YHB Investment Advisors Inc. Boosts Stake in Bank of America Co. (NYSE:BAC)

YHB Investment Advisors Inc. raised its position in Bank of America Co. (NYSE:BACGet Rating) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,663 shares of the financial services provider’s stock after purchasing an additional 699 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Bank of America were worth $519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gryphon Financial Partners LLC increased its position in shares of Bank of America by 4.0% during the first quarter. Gryphon Financial Partners LLC now owns 10,805 shares of the financial services provider’s stock worth $445,000 after acquiring an additional 419 shares during the period. RDA Financial Network increased its position in shares of Bank of America by 22.5% during the first quarter. RDA Financial Network now owns 17,789 shares of the financial services provider’s stock worth $733,000 after acquiring an additional 3,269 shares during the period. First Heartland Consultants Inc. increased its position in shares of Bank of America by 23.2% during the second quarter. First Heartland Consultants Inc. now owns 12,430 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 2,341 shares during the period. Vestmark Advisory Solutions Inc. increased its position in shares of Bank of America by 6.7% during the first quarter. Vestmark Advisory Solutions Inc. now owns 189,342 shares of the financial services provider’s stock worth $7,805,000 after acquiring an additional 11,847 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of Bank of America during the first quarter worth approximately $13,302,000. 68.48% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 2.0 %

Shares of Bank of America stock opened at $32.50 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a fifty day moving average price of $34.13 and a 200 day moving average price of $35.84. Bank of America Co. has a 1 year low of $29.67 and a 1 year high of $50.11. The stock has a market cap of $261.15 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BACGet Rating) last issued its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. During the same period last year, the business earned $1.03 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Thursday, September 1st. This is a boost from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio (DPR) is 27.50%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Credit Suisse Group reduced their target price on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 19th. Citigroup dropped their price objective on shares of Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Royal Bank of Canada dropped their price objective on shares of Bank of America from $45.00 to $40.00 in a research note on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Finally, Jefferies Financial Group dropped their price objective on shares of Bank of America from $43.00 to $33.00 in a research note on Monday, July 11th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.58.

Bank of America Profile

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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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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