Catalina Capital Group LLC Acquires 14,658 Shares of Bank of America Co. (NYSE:BAC)

Catalina Capital Group LLC boosted its holdings in shares of Bank of America Co. (NYSE:BACFree Report) by 229.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,046 shares of the financial services provider’s stock after purchasing an additional 14,658 shares during the quarter. Catalina Capital Group LLC’s holdings in Bank of America were worth $798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Joel Isaacson & Co. LLC raised its position in shares of Bank of America by 0.3% during the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after purchasing an additional 294 shares during the last quarter. CKW Financial Group raised its position in shares of Bank of America by 1.5% during the 1st quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 300 shares during the last quarter. Rossmore Private Capital raised its position in shares of Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the last quarter. Chemistry Wealth Management LLC raised its position in shares of Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after purchasing an additional 310 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its position in shares of Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.7 %

Bank of America stock traded up $0.30 during trading on Wednesday, reaching $41.72. 25,289,703 shares of the company’s stock were exchanged, compared to its average volume of 38,332,094. The company’s 50-day moving average is $39.32 and its two-hundred day moving average is $36.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $41.83. The firm has a market cap of $326.27 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.55 and a beta of 1.35.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 EPS. On average, analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.30%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $37.00 to $46.00 in a report on Friday, June 14th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Oppenheimer boosted their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Evercore ISI boosted their price target on Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $40.41.

Read Our Latest Stock Report on Bank of America

Bank of America Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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