FORVIS Wealth Advisors LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

FORVIS Wealth Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,097 shares of the financial services provider’s stock after acquiring an additional 4,392 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Bank of America were worth $5,502,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. GenTrust LLC boosted its position in shares of Bank of America by 11.2% in the 1st quarter. GenTrust LLC now owns 9,931 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 1,000 shares in the last quarter. Willis Johnson & Associates Inc. raised its stake in Bank of America by 62.5% in the first quarter. Willis Johnson & Associates Inc. now owns 23,569 shares of the financial services provider’s stock valued at $894,000 after buying an additional 9,065 shares during the last quarter. American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America during the first quarter worth about $1,322,000. Powers Advisory Group LLC increased its holdings in shares of Bank of America by 30.3% during the first quarter. Powers Advisory Group LLC now owns 8,888 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 2,069 shares in the last quarter. Finally, Core Wealth Partners LLC purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $217,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.03 on Thursday, reaching $40.90. The company’s stock had a trading volume of 17,100,666 shares, compared to its average volume of 35,032,784. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $319.85 billion, a P/E ratio of 14.15, a PEG ratio of 1.56 and a beta of 1.35. The stock has a 50-day moving average price of $39.06 and a 200-day moving average price of $36.25. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $41.20.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. BMO Capital Markets upped their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Piper Sandler boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. HSBC restated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $40.02.

About Bank of America

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.