Portside Wealth Group LLC Raises Position in Bank of America Co. (NYSE:BAC)

Portside Wealth Group LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,399 shares of the financial services provider’s stock after buying an additional 3,073 shares during the quarter. Portside Wealth Group LLC’s holdings in Bank of America were worth $2,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $25,000. Collier Financial purchased a new position in Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America during the 4th quarter valued at $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the 4th quarter worth $31,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $44.68 on Wednesday. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $336.52 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The stock has a 50-day moving average price of $40.53 and a 200-day moving average price of $43.52.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. Bank of America’s dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Company 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.