Aaron Wealth Advisors LLC Buys 406 Shares of Bank of America Corporation (NYSE:BAC)

by · The Markets Daily

Aaron Wealth Advisors LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,562 shares of the financial services provider’s stock after purchasing an additional 406 shares during the period. Aaron Wealth Advisors LLC’s holdings in Bank of America were worth $1,985,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after purchasing an additional 226,246 shares during the period. Meridian Wealth Management LLC boosted its stake in Bank of America by 8.3% during the fourth quarter. Meridian Wealth Management LLC now owns 31,776 shares of the financial services provider’s stock worth $1,397,000 after buying an additional 2,444 shares in the last quarter. Global Strategic Investment Solutions LLC bought a new stake in Bank of America in the 4th quarter valued at $209,000. Finally, Bedel Financial Consulting Inc. increased its holdings in Bank of America by 4.7% in the 4th quarter. Bedel Financial Consulting Inc. now owns 13,458 shares of the financial services provider’s stock valued at $634,000 after buying an additional 600 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Evercore ISI decreased their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Finally, TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.65.

Get Our Latest Stock Report on Bank of America

Bank of America Stock Performance

BAC stock opened at $48.15 on Wednesday. The company has a 50 day moving average price of $43.71 and a 200 day moving average price of $43.36. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.53. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $362.66 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued 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 yield of 2.16%. Bank of America’s dividend payout ratio is currently 30.95%.

Bank of America Profile

(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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