Davidson Investment Advisors Purchases 1,143 Shares of Bank of America Co. (NYSE:BAC)

Davidson Investment Advisors grew its position in Bank of America Co. (NYSE:BAC) by 0.2% during the second quarter, HoldingsChannel reports. The firm owned 562,850 shares of the financial services provider’s stock after buying an additional 1,143 shares during the quarter. Davidson Investment Advisors’ holdings in Bank of America were worth $16,148,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of BAC. Fort Sheridan Advisors LLC boosted its position in shares of Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares in the last quarter. Horizon Wealth Management LLC boosted its position in shares of Bank of America by 1.1% during the second quarter. Horizon Wealth Management LLC now owns 28,347 shares of the financial services provider’s stock valued at $813,000 after purchasing an additional 318 shares in the last quarter. Global Trust Asset Management LLC boosted its position in shares of Bank of America by 45.7% during the second quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 325 shares in the last quarter. Godsey & Gibb Inc. boosted its position in shares of Bank of America by 7.9% during the second quarter. Godsey & Gibb Inc. now owns 4,508 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 330 shares in the last quarter. Finally, BHK Investment Advisors LLC raised its stake in Bank of America by 2.4% during the second quarter. BHK Investment Advisors LLC now owns 14,140 shares of the financial services provider’s stock valued at $406,000 after buying an additional 333 shares during the last quarter. Institutional investors own 68.06% of the company’s stock.

Bank of America Price Performance

Bank of America stock remained flat at $29.98 during mid-day trading on Monday. The company had a trading volume of 23,942,259 shares, compared to its average volume of 48,873,500. The firm has a market capitalization of $237.25 billion, a PE ratio of 8.39, a PEG ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $37.87. The firm’s 50-day simple moving average is $27.42 and its 200-day simple moving average is $28.59.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The company had revenue of $25.20 billion during the quarter, compared to analysts’ expectations of $25.13 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. Bank of America’s revenue for the quarter was up 2.8% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.20%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 26.89%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Evercore ISI lowered their price objective on Bank of America from $35.00 to $33.00 in a research note on Thursday, October 5th. StockNews.com assumed coverage on Bank of America in a research note on Thursday, October 5th. They set a “hold” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a research note on Tuesday, September 12th. Piper Sandler decreased their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday, September 15th. Finally, HSBC initiated coverage on Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.54.

Bank of America Profile

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.