Massachusetts Wealth Management Purchases 906 Shares of Bank of America Co. (NYSE:BAC)

Massachusetts Wealth Management lifted its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 71,972 shares of the financial services provider’s stock after acquiring an additional 906 shares during the quarter. Bank of America makes up approximately 1.9% of Massachusetts Wealth Management’s portfolio, making the stock its 12th biggest position. Massachusetts Wealth Management’s holdings in Bank of America were worth $2,729,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortis Group Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter worth $25,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter valued at about $28,000. Criterion Capital Advisors LLC bought a new stake in Bank of America during the fourth quarter valued at about $32,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the first quarter valued at about $33,000. Finally, Mark Sheptoff Financial Planning LLC boosted its position in Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 862 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $40.90 on Thursday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $41.20. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $319.85 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35. The stock’s fifty day moving average is $39.00 and its two-hundred day moving average is $36.22.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BAC shares. BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Evercore ISI raised their price target on Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler raised their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Finally, HSBC restated a “hold” rating and issued a $39.00 price objective (up 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 assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.02.

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.