Eagle Ridge Investment Management Buys 5,814 Shares of Bank of America Co. (NYSE:BAC)

Eagle Ridge Investment Management raised its stake in Bank of America Co. (NYSE:BAC) by 2.6% during the 1st quarter, Holdings Channel reports. The fund owned 228,315 shares of the financial services provider’s stock after acquiring an additional 5,814 shares during the period. Eagle Ridge Investment Management’s holdings in Bank of America were worth $8,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of BAC. Sherbrooke Park Advisers LLC bought a new position in shares of Bank of America during the third quarter worth approximately $410,000. First National Bank of Omaha lifted its holdings in shares of Bank of America by 2.0% during the third quarter. First National Bank of Omaha now owns 24,034 shares of the financial services provider’s stock worth $658,000 after buying an additional 461 shares in the last quarter. Shelton Capital Management lifted its holdings in shares of Bank of America by 4.0% during the third quarter. Shelton Capital Management now owns 269,188 shares of the financial services provider’s stock worth $7,370,000 after buying an additional 10,404 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in shares of Bank of America by 194.9% in the third quarter. Axxcess Wealth Management LLC now owns 74,734 shares of the financial services provider’s stock valued at $2,046,000 after acquiring an additional 49,395 shares in the last quarter. Finally, Augustine Asset Management Inc. grew its stake in shares of Bank of America by 5.7% in the third quarter. Augustine Asset Management Inc. now owns 45,269 shares of the financial services provider’s stock valued at $1,239,000 after acquiring an additional 2,460 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Piper Sandler increased their target price on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Finally, Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.92 during midday trading on Tuesday, hitting $40.93. 35,616,728 shares of the company traded hands, compared to its average volume of 38,837,402. The firm’s fifty day moving average price is $38.95 and its 200-day moving average price is $36.17. The stock has a market cap of $320.09 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.96. 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 posted 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. 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 for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side 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 announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.35%. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.