Napatree Capital LLC Acquires New Stake in Bank of America Corporation (NYSE:BAC)

Napatree Capital LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,405 shares of the financial services provider’s stock, valued at approximately $267,000.

Several other institutional investors also recently modified their holdings of BAC. Gradient Investments LLC increased 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 acquiring an additional 50,296 shares during the last quarter. Prudential Financial Inc. lifted its position in Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider’s stock worth $274,767,000 after buying an additional 753,880 shares during the last quarter. Employees Retirement System of Texas boosted its stake in Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock worth $69,640,000 after buying an additional 17,880 shares in the last quarter. Prosperity Wealth Management Inc. bought a new position in Bank of America during the first quarter valued at approximately $998,000. Finally, Alpha Cubed Investments LLC lifted its holdings in shares of Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.3%

Shares of NYSE BAC opened at $46.00 on Thursday. The firm’s 50 day moving average price is $45.32 and its 200-day moving average price is $43.60. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The company has a market cap of $346.49 billion, a PE ratio of 13.69, a P/E/G ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the business posted $0.83 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAC. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Truist Financial raised their price target on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Piper Sandler cut their target price on shares of 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, The Goldman Sachs Group lifted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $49.36.

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.