Segment Wealth Management LLC Has $658,000 Position in Bank of America Co. (NYSE:BAC)

Segment Wealth Management LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 5.3% in the first quarter, Holdings Channel reports. The firm owned 15,968 shares of the financial services provider’s stock after purchasing an additional 806 shares during the period. Segment Wealth Management LLC’s holdings in Bank of America were worth $658,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in BAC. Exchange Traded Concepts LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $5,435,000. Stratos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 5.0% in the fourth quarter. Stratos Wealth Advisors LLC now owns 55,432 shares of the financial services provider’s stock valued at $2,466,000 after buying an additional 2,646 shares during the period. Investors Financial Group LLC boosted its holdings in shares of Bank of America by 3.6% in the fourth quarter. Investors Financial Group LLC now owns 12,227 shares of the financial services provider’s stock valued at $544,000 after buying an additional 426 shares during the period. Sawyer & Company Inc boosted its holdings in Bank of America by 3.5% during the fourth quarter. Sawyer & Company Inc now owns 15,622 shares of the financial services provider’s stock worth $695,000 after purchasing an additional 522 shares during the last quarter. Finally, Baxter Bros Inc. boosted its holdings in Bank of America by 0.6% during the fourth quarter. Baxter Bros Inc. now owns 103,669 shares of the financial services provider’s stock worth $4,612,000 after purchasing an additional 584 shares during the last quarter. Institutional investors own 70.46% of the company’s stock.

BAC opened at $31.24 on Wednesday. The company’s 50 day moving average is $34.63 and its 200-day moving average is $40.63. Bank of America Co. has a 1-year low of $30.45 and a 1-year high of $50.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.16. The company has a market cap of $251.70 billion, a P/E ratio of 8.93, a PEG ratio of 1.35 and a beta of 1.41.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The business had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.09 billion. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.86 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.33 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 3rd were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, June 2nd. This represents a $0.84 annualized dividend and a yield of 2.69%. Bank of America’s payout ratio is 24.00%.

Several research analysts recently commented on BAC shares. Oppenheimer reduced their target price on shares of Bank of America from $52.00 to $50.00 in a report on Tuesday, May 3rd. Morgan Stanley dropped their price target on shares of Bank of America from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, June 24th. Wells Fargo & Company dropped their price target on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Credit Suisse Group dropped their price target on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Monday, June 27th. Finally, Piper Sandler dropped their price objective on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.38.

Bank of America Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Further Reading

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

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