HBK Sorce Advisory LLC Acquires 3,821 Shares of Bank of America Corporation (NYSE:BAC)

by · The Markets Daily

HBK Sorce Advisory LLC raised its holdings in Bank of America Corporation (NYSE:BAC – Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,691 shares of the financial services provider’s stock after buying an additional 3,821 shares during the period. HBK Sorce Advisory LLC’s holdings in Bank of America were worth $3,200,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new stake in Bank of America during the fourth quarter worth approximately $60,679,000. Arizona State Retirement System grew its position in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after buying an additional 10,377 shares in the last quarter. Gradient Investments LLC grew its position in Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after buying an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH grew its position in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after buying an additional 38,258 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.66 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $42.72 and a two-hundred day moving average price of $43.30. The company has a market cap of $351.46 billion, a P/E ratio of 13.89, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Truist Financial reduced their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock 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. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Finally, The Goldman Sachs Group increased their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Read Our Latest Analysis on Bank of America

About Bank of America

(Free Report)

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.

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