Veery Capital LLC Raises Position in Bank of America Co. (NYSE:BAC)

Veery Capital LLC raised its stake in Bank of America Co. (NYSE:BAC) by 14.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 8,411 shares of the financial services provider’s stock after buying an additional 1,033 shares during the quarter. Veery Capital LLC’s holdings in Bank of America were worth $351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Lederer & Associates Investment Counsel CA lifted its position in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares in the last quarter. Avalon Trust Co lifted its position in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC lifted its position in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Keudell Morrison Wealth Management lifted its position in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares in the last quarter. Finally, Consolidated Planning Corp lifted its position in Bank of America by 2.9% in the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 226 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.2%

NYSE:BAC opened at $44.14 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $332.46 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The business has a fifty day moving average price of $40.46 and a 200-day moving average price of $43.56.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BAC. Royal Bank of Canada lowered their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Piper Sandler lowered their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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