Baker Ellis Asset Management LLC Purchases 3,800 Shares of Bank of America Co. (NYSE:BAC)

Baker Ellis Asset Management LLC lifted its position in Bank of America Co. (NYSE:BAC) by 52.0% during the 1st quarter, HoldingsChannel reports. The firm owned 11,105 shares of the financial services provider’s stock after acquiring an additional 3,800 shares during the quarter. Baker Ellis Asset Management LLC’s holdings in Bank of America were worth $421,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Grimes & Company Inc. increased its holdings in shares of Bank of America by 2.2% in the first quarter. Grimes & Company Inc. now owns 317,068 shares of the financial services provider’s stock worth $12,023,000 after purchasing an additional 6,904 shares during the last quarter. WoodTrust Financial Corp increased its stake in Bank of America by 185.6% during the first quarter. WoodTrust Financial Corp now owns 23,230 shares of the financial services provider’s stock worth $881,000 after acquiring an additional 15,096 shares during the last quarter. Griffin Asset Management Inc. increased its stake in Bank of America by 0.3% during the first quarter. Griffin Asset Management Inc. now owns 324,954 shares of the financial services provider’s stock worth $12,322,000 after acquiring an additional 1,080 shares during the last quarter. MCF Advisors LLC increased its stake in Bank of America by 34.1% during the first quarter. MCF Advisors LLC now owns 48,583 shares of the financial services provider’s stock worth $1,842,000 after acquiring an additional 12,351 shares during the last quarter. Finally, Trifecta Capital Advisors LLC increased its stake in Bank of America by 132.6% during the first quarter. Trifecta Capital Advisors LLC now owns 3,508 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 2,000 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.3 %

Shares of NYSE BAC opened at $39.77 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.52 and a beta of 1.36. The stock has a 50 day moving average price of $38.91 and a 200 day moving average price of $36.10. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BAC shares. UBS Group reissued a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. boosted their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Piper Sandler boosted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Finally, Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $39.79.

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