Apollon Wealth Management LLC Purchases 13,061 Shares of Bank of America Co. (NYSE:BAC)

Apollon Wealth Management LLC raised its position in shares of Bank of America Co. (NYSE:BAC – Get Rating) by 15.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 96,582 shares of the financial services provider’s stock after purchasing an additional 13,061 shares during the period. Apollon Wealth Management LLC’s holdings in Bank of America were worth $2,917,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Congress Park Capital LLC grew its holdings in Bank of America by 32.0% during the third quarter. Congress Park Capital LLC now owns 43,420 shares of the financial services provider’s stock valued at $1,311,000 after purchasing an additional 10,525 shares during the period. Northwest Wealth Management LLC boosted its holdings in shares of Bank of America by 31.0% in the second quarter. Northwest Wealth Management LLC now owns 7,441 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 1,760 shares during the period. Main Street Financial Solutions LLC boosted its holdings in shares of Bank of America by 3.0% in the second quarter. Main Street Financial Solutions LLC now owns 24,286 shares of the financial services provider’s stock worth $756,000 after acquiring an additional 717 shares during the period. Virtu Financial LLC boosted its holdings in shares of Bank of America by 211.9% in the second quarter. Virtu Financial LLC now owns 103,594 shares of the financial services provider’s stock worth $3,225,000 after acquiring an additional 70,379 shares during the period. Finally, Corundum Group Inc. boosted its holdings in shares of Bank of America by 16.8% in the second quarter. Corundum Group Inc. now owns 22,658 shares of the financial services provider’s stock worth $705,000 after acquiring an additional 3,262 shares during the period. 68.34% of the stock is owned by institutional investors.

Bank of America Price Performance

NYSE BAC traded up $0.13 during trading hours on Thursday, reaching $36.05. 13,791,605 shares of the stock traded hands, compared to its average volume of 39,431,859. The stock has a 50 day simple moving average of $34.10 and a two-hundred day simple moving average of $34.22. Bank of America Co. has a 1 year low of $29.31 and a 1 year high of $50.11. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77. The company has a market cap of $289.21 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38.

Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The business had revenue of $24.50 billion for the quarter, compared to the consensus estimate of $24.17 billion. Bank of America had a return on equity of 11.41% and a net margin of 23.93%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $0.82 earnings per share. On average, analysts predict that Bank of America Co. will post 3.5 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.44%. Bank of America’s dividend payout ratio is currently 27.59%.

Analyst Ratings Changes

A number of equities analysts have recently commented on BAC shares. Morgan Stanley cut their price target on Bank of America from $38.00 to $37.00 and set an “equal weight” rating for the company in a report on Thursday, December 15th. Deutsche Bank Aktiengesellschaft lowered Bank of America from a “buy” rating to a “hold” rating and cut their price target for the stock from $45.00 to $36.00 in a report on Friday, January 6th. Oppenheimer raised their price target on Bank of America from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday. Citigroup lifted their price objective on Bank of America from $36.00 to $38.00 in a research note on Tuesday, January 17th. Finally, Piper Sandler lowered Bank of America from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $36.00 to $33.00 in a research note on Tuesday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus target price of $40.88.

Insider Transactions at Bank of America

In other news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total value of $95,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.26% of the company’s stock.

Bank of America Profile

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.