Stablepoint Partners LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Stablepoint Partners LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.5% in the 1st quarter, HoldingsChannel reports. The firm owned 9,120 shares of the financial services provider’s stock after acquiring an additional 1,087 shares during the quarter. Stablepoint Partners LLC’s holdings in Bank of America were worth $381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Graney & King LLC bought a new stake in Bank of America in the fourth quarter worth about $25,000. Collier Financial purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $29,000. Vega Investment Solutions purchased a new position in Bank of America in the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter valued at $31,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Oppenheimer restated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating on the stock. Truist Financial cut their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

Shares of BAC opened at $45.01 on Friday. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $339.01 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The stock has a 50-day moving average price of $40.71 and a 200-day moving average price of $43.50.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) 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.