Hollencrest Capital Management lifted its position in Bank of America Co. (NYSE:BAC – Get Rating) by 0.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 152,689 shares of the financial services provider's stock after purchasing an additional 904 shares during the period. Hollencrest Capital Management's holdings in Bank of America were worth $4,753,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bromfield Sneider Wealth Advisors bought a new stake in Bank of America in the first quarter valued at $26,000. Corbenic Partners LLC boosted its holdings in Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 422 shares in the last quarter. Oliver Lagore Vanvalin Investment Group bought a new stake in Bank of America in the first quarter valued at $26,000. Bivin & Associates Inc. bought a new stake in Bank of America in the fourth quarter valued at $28,000. Finally, Capital Management Associates NY bought a new stake in Bank of America in the first quarter valued at $31,000. Institutional investors own 68.48% of the company's stock.
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Analyst Upgrades and Downgrades
Several equities analysts have commented on BAC shares. Royal Bank of Canada lowered their price objective on Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Credit Suisse Group lowered their price objective on Bank of America from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft lowered their price objective on Bank of America from $51.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, September 12th. Piper Sandler lowered their price objective on Bank of America from $51.00 to $47.00 and set an "overweight" rating for the company in a research report on Friday, July 1st. Finally, Barclays lowered their price objective on Bank of America from $58.00 to $51.00 and set an "overweight" rating for the company in a research report on Tuesday, July 19th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $46.58.
Bank of America Stock Performance
NYSE BAC traded up $0.14 during trading hours on Friday, hitting $30.80. The company's stock had a trading volume of 356,663 shares, compared to its average volume of 39,134,128. Bank of America Co. has a 12 month low of $29.67 and a 12 month high of $50.11. The company's 50 day simple moving average is $33.93 and its two-hundred day simple moving average is $35.52. The company has a market cap of $247.49 billion, a P/E ratio of 9.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74.
Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business had revenue of $22.69 billion during the quarter, compared to the consensus estimate of $22.79 billion. During the same quarter in the previous year, the business posted $1.03 earnings per share. Bank of America's quarterly revenue was up 5.7% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.2 EPS for the current fiscal year.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.86%. This is an increase from Bank of America's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America's dividend payout ratio (DPR) is presently 27.50%.
Bank of America Company Profile
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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.
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