Baldwin Brothers LLC MA Grows Position in Bank of America Co. (NYSE:BAC)

Baldwin Brothers LLC MA boosted its stake in Bank of America Co. (NYSE:BACGet Rating) by 8.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 166,352 shares of the financial services provider’s stock after buying an additional 12,970 shares during the quarter. Baldwin Brothers LLC MA’s holdings in Bank of America were worth $6,857,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Foresight Wealth Management LLC grew its stake in Bank of America by 1.1% in the 4th quarter. Foresight Wealth Management LLC now owns 19,251 shares of the financial services provider’s stock valued at $856,000 after purchasing an additional 209 shares during the period. Ranch Capital Advisors Inc. grew its stake in Bank of America by 1.5% in the 4th quarter. Ranch Capital Advisors Inc. now owns 14,331 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 210 shares during the period. Wolff Wiese Magana LLC grew its stake in Bank of America by 3.1% in the 4th quarter. Wolff Wiese Magana LLC now owns 7,085 shares of the financial services provider’s stock valued at $316,000 after purchasing an additional 212 shares during the period. Texas Capital Bank Wealth Management Services Inc. grew its stake in Bank of America by 2.7% in the 4th quarter. Texas Capital Bank Wealth Management Services Inc. now owns 8,447 shares of the financial services provider’s stock valued at $376,000 after purchasing an additional 226 shares during the period. Finally, Fieldpoint Private Securities LLC grew its stake in Bank of America by 1.8% in the 4th quarter. Fieldpoint Private Securities LLC now owns 13,020 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 235 shares during the period. 70.46% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have issued reports on BAC. Robert W. Baird upgraded Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a research note on Tuesday, March 8th. Royal Bank of Canada cut their price target on Bank of America from $51.00 to $45.00 in a research note on Tuesday, June 14th. The Goldman Sachs Group cut their price target on Bank of America from $52.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, April 20th. BMO Capital Markets cut their price target on Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a research note on Tuesday, April 19th. Finally, Piper Sandler cut their price target on Bank of America from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.10.

NYSE:BAC opened at $32.60 on Thursday. The business’s 50-day moving average price is $35.77 and its two-hundred day moving average price is $41.44. Bank of America Co. has a twelve month low of $30.86 and a twelve month high of $50.11. The stock has a market cap of $262.65 billion, a P/E ratio of 9.31, a PEG ratio of 1.40 and a beta of 1.38. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.16.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.04. The firm had revenue of $23.20 billion for the quarter, compared to analysts’ expectations of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.58%. Bank of America’s dividend payout ratio is 24.00%.

About Bank of America (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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