First Bancorp Inc ME Takes Position in Bank of America Co. (NYSE:BAC)

First Bancorp Inc ME purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,065 shares of the financial services provider’s stock, valued at approximately $230,000.

A number of other hedge funds have also bought and sold shares of the business. Rossmore Private Capital boosted its stake in shares of Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares in the last quarter. Regent Peak Wealth Advisors LLC boosted its position in Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group boosted its position in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares during the period. Private Ocean LLC raised its holdings in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the last quarter. Finally, Selective Wealth Management Inc. raised its holdings in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Piper Sandler lifted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Wolfe Research raised 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. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Finally, HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Price Performance

BAC traded down $0.35 on Wednesday, hitting $39.03. 36,673,883 shares of the company’s stock traded hands, compared to its average volume of 38,875,285. The company’s 50 day simple moving average is $38.71 and its 200-day simple moving average is $35.95. The firm has a market cap of $305.23 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 1.50 and a beta of 1.36. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio 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.