4,317 Shares in Bank of America Corporation $BAC Bought by Ellevest Inc.

Ellevest Inc. acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 4,317 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment lifted its position in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $164,623,000. Maverick Capital Ltd. acquired a new stake in Bank of America in the first quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB grew its position in Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup boosted their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Phillip Securities lifted their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Piper Sandler raised their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Price Performance

Shares of BAC stock opened at $53.22 on Friday. The firm has a fifty day moving average of $51.33 and a two-hundred day moving average of $47.51. The firm has a market cap of $388.62 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm earned $0.81 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Bank of America declared that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.