Breakwater Capital Group Purchases 1,323 Shares of Bank of America Co. (NYSE:BAC)

Breakwater Capital Group boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,076 shares of the financial services provider’s stock after acquiring an additional 1,323 shares during the quarter. Breakwater Capital Group’s holdings in Bank of America were worth $1,216,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Ethos Financial Group LLC increased its stake in shares of Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares during the last quarter. Auxano Advisors LLC grew its stake in Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after buying an additional 19,179 shares during the last quarter. Stonebridge Capital Advisors LLC grew its stake in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC grew its stake in Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Bank of America in the 4th quarter valued at $105,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. Piper Sandler raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. 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. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $39.79.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.52 during midday trading on Friday, reaching $39.77. 52,028,200 shares of the company’s stock were exchanged, compared to its average volume of 35,164,596. The company’s 50 day simple moving average is $38.91 and its two-hundred day simple moving average is $36.12. The firm has a market capitalization of $311.02 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. 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 (NYSE:BAC) last announced its quarterly earnings results 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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the firm posted $0.94 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Equities research analysts expect 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 declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date was Friday, June 7th. 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.