Atlas Capital Advisors LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Atlas Capital Advisors LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 39.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,239 shares of the financial services provider’s stock after buying an additional 1,200 shares during the quarter. Atlas Capital Advisors LLC’s holdings in Bank of America were worth $161,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Chemistry Wealth Management LLC raised its position in Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares during the period. Kingswood Wealth Advisors LLC raised its position in Bank of America by 17.7% in the first quarter. Kingswood Wealth Advisors LLC now owns 79,458 shares of the financial services provider’s stock valued at $3,013,000 after purchasing an additional 11,947 shares during the period. Ayalon Insurance Comp Ltd. raised its position in Bank of America by 3.7% in the first quarter. Ayalon Insurance Comp Ltd. now owns 26,452 shares of the financial services provider’s stock valued at $1,003,000 after purchasing an additional 949 shares during the period. First Bancorp Inc ME purchased a new stake in Bank of America in the first quarter valued at $230,000. Finally, Prentice Wealth Management LLC grew its stake in shares of Bank of America by 6.2% in the first quarter. Prentice Wealth Management LLC now owns 18,218 shares of the financial services provider’s stock valued at $691,000 after buying an additional 1,059 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.0 %

NYSE:BAC opened at $39.00 on Thursday. The stock has a 50-day simple moving average of $38.71 and a 200-day simple moving average of $35.95. The stock has a market cap of $304.99 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.50 and a beta of 1.36. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BAC. Piper Sandler lifted their price objective on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $37.00 to $46.00 in a research note on Friday, June 14th. JPMorgan Chase & Co. lifted their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Finally, Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Company 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.