IHT Wealth Management LLC Has $1.57 Million Position in Bank of America Co. (NYSE:BAC)

IHT Wealth Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 10.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 52,089 shares of the financial services provider’s stock after acquiring an additional 4,853 shares during the quarter. IHT Wealth Management LLC’s holdings in Bank of America were worth $1,573,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Bank of America by 0.6% in the third quarter. Vanguard Group Inc. now owns 602,457,736 shares of the financial services provider’s stock valued at $18,194,222,000 after buying an additional 3,313,229 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 60.0% in 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 purchasing an additional 38,870,780 shares during the period. Legal & General Group Plc raised its holdings in Bank of America by 2.9% in the second quarter. Legal & General Group Plc now owns 52,475,574 shares of the financial services provider’s stock worth $1,633,568,000 after purchasing an additional 1,493,089 shares during the period. Dodge & Cox raised its holdings in Bank of America by 3.5% in the second quarter. Dodge & Cox now owns 44,434,589 shares of the financial services provider’s stock worth $1,383,249,000 after purchasing an additional 1,511,600 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Bank of America by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock worth $1,522,699,000 after purchasing an additional 603,512 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.7 %

Bank of America stock opened at $28.97 on Friday. The company has a market cap of $231.87 billion, a P/E ratio of 9.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.40. Bank of America Co. has a 1-year low of $27.68 and a 1-year high of $44.63. The company has a fifty day simple moving average of $34.15 and a 200 day simple moving average of $34.11. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 1.13.

Bank of America (NYSE:BAC – Get Rating) last released its earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. The business had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.38 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 3rd will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend is Thursday, March 2nd. Bank of America’s dividend payout ratio is currently 27.59%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAC. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 target price on the stock. in a report on Tuesday, January 31st. Barclays cut their target price on shares of Bank of America from $51.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, January 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Bank of America from a “buy” rating to a “hold” rating and cut their target price for the stock from $45.00 to $36.00 in a report on Friday, January 6th. Keefe, Bruyette & Woods downgraded shares of Bank of America from a “market perform” rating to an “underperform” rating and lowered their price objective for the stock from $35.00 to $33.00 in a research report on Wednesday, February 8th. Finally, Piper Sandler downgraded shares of Bank of America from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $36.00 to $33.00 in a research report on Tuesday, January 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus price target of $40.16.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Matthew M. Koder sold 105,054 shares of the stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the sale, the insider now owns 319,803 shares in the company, valued at $10,959,648.81. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the completion of the sale, the insider now owns 214,747 shares in the company, valued at approximately $7,711,564.77. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Matthew M. Koder sold 105,054 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the sale, the insider now owns 319,803 shares of the company’s stock, valued at approximately $10,959,648.81. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Bank of America Profile

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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, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.