Community Bank N.A. Grows Stock Holdings in Bank of America Corporation (NYSE:BAC)

Community Bank N.A. boosted its holdings in Bank of America Corporation (NYSE:BAC) by 3.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 17,371 shares of the financial services provider’s stock after purchasing an additional 659 shares during the quarter. Community Bank N.A.’s holdings in Bank of America were worth $725,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Aspiriant LLC raised its holdings in Bank of America by 1.5% during the first quarter. Aspiriant LLC now owns 36,825 shares of the financial services provider’s stock worth $1,537,000 after purchasing an additional 547 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Bank of America by 1.9% in the 1st quarter. State of Alaska Department of Revenue now owns 775,998 shares of the financial services provider’s stock valued at $32,382,000 after buying an additional 14,780 shares during the last quarter. CWA Asset Management Group LLC raised its stake in Bank of America by 15.2% during the 1st quarter. CWA Asset Management Group LLC now owns 142,038 shares of the financial services provider’s stock worth $5,927,000 after acquiring an additional 18,734 shares in the last quarter. Analyst IMS Investment Management Services Ltd. lifted its position in Bank of America by 59.6% in the first quarter. Analyst IMS Investment Management Services Ltd. now owns 52,219 shares of the financial services provider’s stock valued at $2,179,000 after acquiring an additional 19,509 shares during the last quarter. Finally, LifeWealth Investments LLC boosted its stake in Bank of America by 93.9% in the first quarter. LifeWealth Investments LLC now owns 9,348 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 4,526 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $45.02 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock’s 50 day moving average is $41.98 and its two-hundred day moving average is $43.35. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The firm has a market capitalization of $339.09 billion, a PE ratio of 13.40, a P/E/G ratio of 1.20 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Analysts Set New Price Targets

A number of analysts have recently commented on BAC shares. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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.