Graybill Wealth Management LTD. Boosts Holdings in Bank of America Co. (NYSE:BAC)

Graybill Wealth Management LTD. increased its holdings in Bank of America Co. (NYSE:BAC) by 1.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,246 shares of the financial services provider’s stock after acquiring an additional 2,050 shares during the quarter. Bank of America comprises about 1.9% of Graybill Wealth Management LTD.’s investment portfolio, making the stock its 29th biggest holding. Graybill Wealth Management LTD.’s holdings in Bank of America were worth $4,484,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at about $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the fourth quarter worth approximately $28,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth approximately $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the first quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC boosted its holdings in shares of Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. JPMorgan Chase & Co. lifted their price target 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. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, Piper Sandler lifted their price target 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. Two 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 stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Trading Up 0.2 %

BAC stock traded up $0.08 during mid-day trading on Thursday, reaching $39.08. 15,636,173 shares of the stock traded hands, compared to its average volume of 38,748,430. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34. The stock has a market capitalization of $305.62 billion, a PE ratio of 13.53, a PEG ratio of 1.50 and a beta of 1.36. The business has a 50-day moving average price of $38.78 and a two-hundred day moving average price of $35.97.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts expect 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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

About Bank of America

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.