Bank of America Co. (NYSE:BAC) Shares Bought by Kathmere Capital Management LLC

Kathmere Capital Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 26.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,417 shares of the financial services provider’s stock after buying an additional 5,264 shares during the quarter. Kathmere Capital Management LLC’s holdings in Bank of America were worth $964,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after buying an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. increased its position in Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after buying an additional 1,315,056 shares during the period. Parnassus Investments LLC lifted its stake in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors boosted its holdings in shares of Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock valued at $1,353,216,000 after acquiring an additional 4,338,679 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several research reports. Oppenheimer upped their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the company from $37.00 to $46.00 in a report on Friday, June 14th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a report on Friday, April 19th. Piper Sandler upped their price objective on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Finally, Jefferies Financial Group increased their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Stock Performance

Bank of America stock opened at $39.77 on Friday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.34. The company has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.36. The stock has a fifty day moving average of $38.91 and a two-hundred day moving average of $36.06. 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 (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.94 EPS. On average, analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is presently 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.