Bank of America Co. (NYSE:BAC) Shares Purchased by 180 Wealth Advisors LLC

Posted by on Jun 20th, 2023

180 Wealth Advisors LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,978 shares of the financial services provider’s stock after acquiring an additional 1,826 shares during the quarter. 180 Wealth Advisors LLC’s holdings in Bank of America were worth $629,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Moneta Group Investment Advisors LLC raised its stake in Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank acquired a new stake in Bank of America during the fourth quarter worth about $3,436,543,000. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 60.0% during the third quarter. Price T Rowe Associates Inc. MD now owns 103,645,596 shares of the financial services provider’s stock worth $3,130,177,000 after acquiring an additional 38,870,780 shares during the period. Parnassus Investments LLC raised its stake in Bank of America by 835.9% during the fourth quarter. Parnassus Investments LLC now owns 28,077,300 shares of the financial services provider’s stock worth $929,920,000 after acquiring an additional 25,077,300 shares during the period. Finally, Snider Financial Group grew its position in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. Institutional investors and hedge funds own 67.34% of the company’s stock.

Bank of America Stock Down 0.6 %

BAC stock opened at $29.19 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $232.62 billion, a PE ratio of 8.77, a P/E/G ratio of 1.22 and a beta of 1.37. The firm has a 50 day simple moving average of $28.64 and a 200 day simple moving average of $31.25. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60.

Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. The company had revenue of $26.26 billion for the quarter, compared to analyst estimates of $25.28 billion. Bank of America had a net margin of 21.85% and a return on equity of 11.72%. The business’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. Equities research analysts forecast that Bank of America Co. will post 3.42 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 2nd will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $0.88 annualized dividend and a yield of 3.01%. Bank of America’s dividend payout ratio is 26.43%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BAC shares. Barclays decreased their target price on shares of Bank of America from $48.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, April 12th. Morgan Stanley upped their target price on shares of Bank of America from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 target price for the company. in a research report on Wednesday, March 8th. Citigroup decreased their target price on shares of Bank of America from $38.00 to $33.00 and set a “neutral” rating for the company in a research report on Wednesday, April 19th. Finally, Wells Fargo & Company decreased their target price on shares of Bank of America from $52.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, April 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $36.77.

Bank of America Profile

(Get Rating)

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

See Also

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC – Get Rating).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.