Optimal Asset Management Inc. increased its holdings in Bank of America Corp (NYSE:BAC) by 29.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,267 shares of the financial services provider’s stock after buying an additional 18,709 shares during the quarter. Optimal Asset Management Inc.’s holdings in Bank of America were worth $1,768,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Cox Capital Mgt LLC bought a new stake in shares of Bank of America during the first quarter valued at approximately $27,000. Center for Financial Planning Inc. increased its position in Bank of America by 122.7% during the first quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 750 shares during the last quarter. Stonebridge Financial Planning Group LLC increased its position in Bank of America by 208.0% during the first quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,009 shares during the last quarter. Firestone Capital Management increased its position in Bank of America by 39.0% during the first quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 501 shares during the last quarter. Finally, Semmax Financial Advisors Inc. boosted its stake in shares of Bank of America by 490.1% during the first quarter. Semmax Financial Advisors Inc. now owns 1,965 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 1,632 shares during the period. 69.26% of the stock is currently owned by institutional investors and hedge funds.

Bank of America stock traded down $1.30 during trading hours on Friday, reaching $23.42. The stock had a trading volume of 31,926,133 shares, compared to its average volume of 84,443,904. Bank of America Corp has a 52 week low of $17.95 and a 52 week high of $35.72. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $214.46 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 2.30 and a beta of 1.58. The business’s 50 day moving average price is $24.29 and its 200-day moving average price is $28.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.20). Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The company had revenue of $22.77 billion for the quarter, compared to analyst estimates of $22.58 billion. During the same quarter last year, the company earned $0.70 EPS. The business’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Corp will post 1.48 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 annualized dividend and a yield of 3.07%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

A number of analysts have recently issued reports on BAC shares. Goldman Sachs Group raised shares of Bank of America from a “neutral” rating to a “buy” rating in a research note on Thursday, April 2nd. Deutsche Bank boosted their target price on shares of Bank of America from $25.00 to $27.00 and gave the company a “hold” rating in a research note on Thursday, April 2nd. Piper Sandler lowered their target price on shares of Bank of America from $40.00 to $27.00 and set an “overweight” rating for the company in a research note on Friday, April 3rd. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a research note on Tuesday, March 17th. Finally, Cfra lowered their price objective on shares of Bank of America from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and a consensus target price of $29.61.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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