YHB Investment Advisors Inc. Increases Position in Bank of America Co. (NYSE:BAC)

YHB Investment Advisors Inc. raised its position in Bank of America Co. (NYSE:BAC) by 4.4% during the second quarter, HoldingsChannel reports. The firm owned 16,663 shares of the financial services provider’s stock after buying an additional 699 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Bank of America were worth $519,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Bank of America by 3.7% during the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 42,501 shares of the financial services provider’s stock worth $1,891,000 after purchasing an additional 1,500 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in Bank of America during the 4th quarter worth $134,000. Unigestion Holding SA acquired a new stake in Bank of America during the 4th quarter worth $2,520,000. Greytown Advisors Inc. boosted its stake in Bank of America by 0.5% during the 4th quarter. Greytown Advisors Inc. now owns 64,438 shares of the financial services provider’s stock worth $2,867,000 after purchasing an additional 300 shares during the period. Finally, Odey Asset Management Group Ltd boosted its stake in Bank of America by 13.2% during the 4th quarter. Odey Asset Management Group Ltd now owns 85,500 shares of the financial services provider’s stock worth $3,804,000 after purchasing an additional 10,000 shares during the period. 68.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective for the company in a research report on Monday, July 11th. Barclays cut their price objective on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Wells Fargo & Company cut their price objective on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Piper Sandler cut their price objective on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Finally, Royal Bank of Canada cut their price objective on shares of Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.58.

Bank of America Stock Performance

NYSE:BAC opened at $32.50 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.15. The firm has a 50-day moving average price of $34.13 and a two-hundred day moving average price of $35.84. Bank of America Co. has a twelve month low of $29.67 and a twelve month high of $50.11. The company has a market capitalization of $261.15 billion, a P/E ratio of 10.16, a price-to-earnings-growth ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.04). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. During the same quarter last year, the business posted $1.03 earnings per share. The business’s revenue was up 5.7% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be paid a dividend of $0.22 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America’s dividend payout ratio (DPR) is currently 27.50%.

Bank of America Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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