Bank of America Co. (NYSE:BAC) Shares Acquired by Rehmann Capital Advisory Group

Rehmann Capital Advisory Group boosted its position in shares of Bank of America Co. (NYSE:BAC) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,001 shares of the financial services provider’s stock after buying an additional 1,511 shares during the period. Rehmann Capital Advisory Group’s holdings in Bank of America were worth $1,479,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth approximately $25,000. Livelsberger Financial Advisory acquired a new position in Bank of America during the fourth quarter worth approximately $28,000. Criterion Capital Advisors LLC acquired a new position in Bank of America during the fourth quarter worth approximately $32,000. Northwest Investment Counselors LLC acquired a new position in Bank of America during the first quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its holdings in shares of Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 862 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BAC shares. Piper Sandler Companies raised 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 report on Tuesday. Piper Sandler raised 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 report on Tuesday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, HSBC reissued a “hold” rating and issued a $39.00 target price (up previously 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 issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.41.

Bank of America Price Performance

Shares of BAC traded up $0.14 during trading hours on Wednesday, reaching $41.56. 11,675,188 shares of the company traded hands, compared to its average volume of 38,229,191. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $325.01 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $41.83. The stock has a fifty day simple moving average of $39.32 and a 200 day simple moving average of $36.48.

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 the consensus estimate 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 firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is 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.