Bank of America Corporation (NYSE:BAC) Shares Purchased by AssuredPartners Investment Advisors LLC

AssuredPartners Investment Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC) by 6.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,969 shares of the financial services provider’s stock after purchasing an additional 6,098 shares during the quarter. Bank of America comprises 0.8% of AssuredPartners Investment Advisors LLC’s investment portfolio, making the stock its 27th biggest position. AssuredPartners Investment Advisors LLC’s holdings in Bank of America were worth $4,213,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. Graney & King LLC acquired a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America during the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.8%

Shares of Bank of America stock opened at $46.32 on Tuesday. The company has a market cap of $348.88 billion, a P/E ratio of 13.79, a PEG ratio of 1.23 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The firm has a fifty day moving average of $42.55 and a two-hundred day moving average of $43.28.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. 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 2.25%. Bank of America’s payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on shares of 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. Piper Sandler dropped their price objective on shares of 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. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

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.