Graybill Wealth Management LTD. Acquires Shares of 92,791 Bank of America Corporation (NYSE:BAC)

Graybill Wealth Management LTD. bought a new stake in Bank of America Corporation (NYSE:BAC) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 92,791 shares of the financial services provider’s stock, valued at approximately $3,872,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its position in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank acquired a new position in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its position in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp grew its holdings in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $46.71 on Monday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The stock’s 50 day moving average is $44.99 and its two-hundred day moving average is $43.55. The firm has a market capitalization of $351.81 billion, a PE ratio of 13.90, a P/E/G ratio of 1.27 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC – Get Free Report) last posted 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 net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

BAC has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Piper Sandler dropped their price target on 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. Robert W. Baird reissued a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, Argus reduced their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.89.

View Our Latest Stock Report 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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