Bank of America Corporation $BAC Stock Holdings Lifted by Brown Advisory Inc.

Brown Advisory Inc. increased its position in shares of Bank of America Corporation (NYSE:BAC) by 17.8% during the second quarter, Holdings Channel reports. The fund owned 3,971,973 shares of the financial services provider’s stock after acquiring an additional 599,597 shares during the quarter. Brown Advisory Inc.’s holdings in Bank of America were worth $187,954,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Boston Common Asset Management LLC grew its stake in shares of Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new position in Bank of America during the second quarter valued at approximately $217,000. Sunbeam Capital Management LLC lifted its stake in Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares during the last quarter. CCG Wealth Management LLC bought a new stake in Bank of America in the second quarter worth approximately $287,000. Finally, Community Financial Services Group LLC increased its stake in shares of Bank of America by 3.5% during the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after purchasing an additional 5,787 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $54.09 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50-day moving average is $52.04 and its 200-day moving average is $49.02. The company has a market cap of $394.99 billion, a P/E ratio of 14.74 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BAC shares. HSBC lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Truist Financial raised their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Dbs Bank raised Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $57.77.

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.