FMB Wealth Management Purchases New Stake in Bank of America Co. (NYSE:BAC)

FMB Wealth Management bought a new stake in Bank of America Co. (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,693 shares of the financial services provider’s stock, valued at approximately $363,000.

Several other large investors also recently modified their holdings of BAC. Simon Quick Advisors LLC lifted its holdings in Bank of America by 11.8% during the first quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock valued at $18,576,000 after purchasing an additional 47,036 shares during the last quarter. Baker Ellis Asset Management LLC lifted its stake in shares of Bank of America by 11.9% during the 1st quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock valued at $677,000 after buying an additional 1,730 shares in the last quarter. Skyline Advisors Inc. boosted its holdings in Bank of America by 1.5% in the 1st quarter. Skyline Advisors Inc. now owns 21,337 shares of the financial services provider’s stock worth $890,000 after buying an additional 315 shares during the period. Alpha Omega Wealth Management LLC lifted its position in shares of Bank of America by 18.0% during the first quarter. Alpha Omega Wealth Management LLC now owns 29,716 shares of the financial services provider’s stock worth $1,240,000 after acquiring an additional 4,540 shares in the last quarter. Finally, EdgeRock Capital LLC boosted its holdings in shares of Bank of America by 4.8% in the first quarter. EdgeRock Capital LLC now owns 6,465 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 296 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. 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. Truist Financial lowered their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada cut their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Performance

NYSE:BAC opened at $44.72 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current 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. The firm has a market cap of $336.80 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The business has a 50 day moving average price of $41.14 and a 200-day moving average price of $43.46.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Equities research analysts predict 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 announced 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 2.33%. Bank of America’s dividend payout ratio (DPR) is presently 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.