Bank of America Co. (NYSE:BAC) Position Increased by Bridge Creek Capital Management LLC

Bridge Creek Capital Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 197,146 shares of the financial services provider’s stock after purchasing an additional 2,255 shares during the quarter. Bank of America accounts for approximately 2.4% of Bridge Creek Capital Management LLC’s investment portfolio, making the stock its 6th biggest holding. Bridge Creek Capital Management LLC’s holdings in Bank of America were worth $7,476,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BAC. Livelsberger Financial Advisory acquired a new stake in Bank of America during the 4th quarter valued at approximately $28,000. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter valued at $25,000. Criterion Capital Advisors LLC purchased a new stake in Bank of America in the fourth quarter valued at $32,000. Mark Sheptoff Financial Planning LLC raised its stake in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after buying an additional 862 shares during the last quarter. Finally, ZRC Wealth Management LLC lifted its holdings in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler lifted their price target on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Price Performance

BAC stock traded down $0.50 during mid-day trading on Friday, reaching $39.49. The company’s stock had a trading volume of 72,251,511 shares, compared to its average volume of 31,317,156. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s 50 day moving average is $38.53 and its two-hundred day moving average is $35.79. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.31. The stock has a market cap of $308.83 billion, a PE ratio of 13.66, a P/E/G ratio of 1.78 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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