Park Avenue Securities LLC Purchases 19,727 Shares of Bank of America Co. (NYSE:BAC)

Park Avenue Securities LLC increased its position in Bank of America Co. (NYSE:BAC) by 12.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 175,983 shares of the financial services provider’s stock after acquiring an additional 19,727 shares during the period. Park Avenue Securities LLC’s holdings in Bank of America were worth $7,344,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC bought a new stake in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter worth $29,000. Finally, Vega Investment Solutions bought a new stake in shares of Bank of America in the fourth quarter worth $30,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $45.01 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The business has a 50-day moving average price of $40.71 and a 200-day moving average price of $43.46.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is currently 30.95%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Royal Bank of Canada cut their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.50.

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.