Harbor Investment Advisory LLC Purchases 10,674 Shares of Bank of America Corporation $BAC

Harbor Investment Advisory LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 9.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 120,986 shares of the financial services provider’s stock after buying an additional 10,674 shares during the period. Harbor Investment Advisory LLC’s holdings in Bank of America were worth $5,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of BAC. Brighton Jones LLC grew its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC lifted its position in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $1,396,000. Finally, Vivaldi Capital Management LP grew its holdings in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 355 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Erste Group Bank cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Royal Bank Of Canada reiterated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $61.60.

Insider Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Bank of America Stock Down 1.6%

Shares of NYSE:BAC opened at $56.97 on Wednesday. The company has a fifty day moving average of $53.51 and a 200-day moving average of $52.73. The company has a market capitalization of $404.31 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 0.97 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $59.19.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same period in the prior year, the company earned $0.90 EPS. Bank of America’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post 4.48 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.