Bank of America Co. (NYSE:BAC) Shares Acquired by Simplicity Wealth LLC

Simplicity Wealth LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 821.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,576 shares of the financial services provider’s stock after acquiring an additional 56,678 shares during the period. Simplicity Wealth LLC’s holdings in Bank of America were worth $2,653,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Geode Capital Management LLC increased its position in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the period. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth $5,226,989,000. Capital World Investors boosted its position in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BAC. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $44.93 on Tuesday. The company has a market capitalization of $338.41 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.21 and a beta of 1.30. The firm’s 50 day simple moving average is $40.78 and its 200 day simple moving average is $43.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is currently 30.95%.

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.