First American Bank Increases Stake in Bank of America Corporation (NYSE:BAC)

First American Bank increased its position in shares of Bank of America Corporation (NYSE:BAC) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 219,438 shares of the financial services provider’s stock after buying an additional 1,466 shares during the period. First American Bank’s holdings in Bank of America were worth $9,157,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System raised its stake in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Gradient Investments LLC raised its stake in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH raised its stake in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BAC shares. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Cowen initiated coverage on Bank of America in a report on Wednesday, May 14th. They set a “buy” rating on the stock. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Piper Sandler dropped their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $45.51 on Friday. The company has a market cap of $342.78 billion, a P/E ratio of 13.54, a PEG ratio of 1.22 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The business’s 50-day simple moving average is $42.36 and its 200 day simple moving average is $43.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. Bank of America’s payout ratio is currently 30.95%.

Bank of America 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.