AXS Investments LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC – Free Report) by 8.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,522 shares of the financial services provider’s stock after acquiring an additional 1,528 shares during the quarter. AXS Investments LLC’s holdings in Bank of America were worth $560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Berkshire Hathaway Inc grew its position in shares of Bank of America by 2.3% during the 1st quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after purchasing an additional 22,751,400 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Bank of America by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 125,467,577 shares of the financial services provider’s stock valued at $3,580,515,000 after purchasing an additional 1,830,802 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter valued at $3,436,543,000. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Bank of America by 69,466.5% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 97,976,121 shares of the financial services provider’s stock valued at $2,810,935,000 after purchasing an additional 97,835,283 shares in the last quarter. Institutional investors own 68.06% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Piper Sandler reduced their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research report on Friday, September 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price on shares of Bank of America in a research report on Tuesday, September 12th. HSBC initiated coverage on shares of Bank of America in a research report on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price for the company. Morgan Stanley cut their target price on shares of Bank of America from $34.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 3rd. Finally, Wells Fargo & Company cut their target price on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.54.
Bank of America Stock Performance
Shares of NYSE:BAC opened at $29.98 on Friday. The company has a market cap of $237.25 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a 50-day moving average price of $27.42 and a 200-day moving average price of $28.59. The company has a current ratio of 0.83, a quick ratio of 0.82 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.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.83 by $0.07. The firm had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $25.13 billion. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.46 EPS for the current year.
Bank of America Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is currently 26.89%.
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. 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.
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