Bank of America Co. (NYSE:BAC) Shares Acquired by Graybill Wealth Management LTD.

Graybill Wealth Management LTD. grew its position in Bank of America Co. (NYSE:BAC) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,246 shares of the financial services provider’s stock after purchasing an additional 2,050 shares during the period. Bank of America makes up approximately 1.9% of Graybill Wealth Management LTD.’s holdings, making the stock its 29th largest holding. Graybill Wealth Management LTD.’s holdings in Bank of America were worth $4,484,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Bank of America during the 4th quarter worth approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Finally, Darsana Capital Partners LP purchased a new stake in Bank of America during the 3rd quarter worth approximately $177,970,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the subject of several research reports. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Piper Sandler lifted their target price on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Oppenheimer lifted their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Price Performance

Shares of BAC traded up $0.08 during midday trading on Thursday, reaching $39.08. The stock had a trading volume of 15,636,173 shares, compared to its average volume of 38,748,430. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s 50 day moving average price is $38.78 and its 200-day moving average price is $35.97. The company has a market capitalization of $305.62 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.50 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

About Bank of America

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.