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

Baker Ellis Asset Management LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 52.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,105 shares of the financial services provider’s stock after purchasing 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 institutional investors also recently modified their holdings of BAC. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd boosted its position in Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Finally, Darsana Capital Partners LP bought a new stake in Bank of America during the third quarter valued at $177,970,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BAC shares. Piper Sandler upped their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Up 1.3 %

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 cap of $311.02 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The firm has a 50-day moving average price of $38.91 and a two-hundred day moving average price of $36.10.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the business posted $0.94 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts expect 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 announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

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.