BluePath Capital Management LLC Grows Stock Position in Bank of America Co. (NYSE:BAC)

BluePath Capital Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 18.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,260 shares of the financial services provider’s stock after purchasing an additional 2,025 shares during the quarter. BluePath Capital Management LLC’s holdings in Bank of America were worth $503,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Rossmore Private Capital raised its position in shares of Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the last quarter. Chemistry Wealth Management LLC increased its position in Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after purchasing an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group grew its holdings in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares in the last quarter. Finally, Private Ocean LLC grew its holdings in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock traded down $0.04 during trading hours on Wednesday, hitting $40.89. 17,100,665 shares of the company traded hands, compared to its average volume of 38,672,520. The firm’s 50-day simple moving average is $39.00 and its two-hundred day simple moving average is $36.22. The firm has a market cap of $319.77 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $41.20. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 earnings per share. As a group, analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Finally, Piper Sandler lifted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.02.

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.