Atlantic Union Bankshares Corp Buys 3,632 Shares of Bank of America Co. (NYSE:BAC)

Atlantic Union Bankshares Corp increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 212,590 shares of the financial services provider’s stock after acquiring an additional 3,632 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Bank of America were worth $8,061,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Eagle Asset Management Inc. grew its holdings in Bank of America by 3.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 88,882 shares of the financial services provider’s stock valued at $2,434,000 after buying an additional 2,956 shares in the last quarter. Mutual Advisors LLC grew its holdings in Bank of America by 2.6% in the 3rd quarter. Mutual Advisors LLC now owns 87,838 shares of the financial services provider’s stock valued at $2,405,000 after buying an additional 2,260 shares in the last quarter. Mather Group LLC. grew its holdings in Bank of America by 14.6% in the 3rd quarter. Mather Group LLC. now owns 29,424 shares of the financial services provider’s stock valued at $806,000 after buying an additional 3,757 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Bank of America by 5.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 210,086 shares of the financial services provider’s stock valued at $5,752,000 after buying an additional 10,590 shares in the last quarter. Finally, Rench Wealth Management Inc. grew its holdings in Bank of America by 0.7% in the 3rd quarter. Rench Wealth Management Inc. now owns 194,227 shares of the financial services provider’s stock valued at $5,318,000 after buying an additional 1,326 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Piper Sandler increased their target price on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Evercore ISI increased their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Finally, Jefferies Financial Group upped 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 investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Trading Up 1.3 %

Bank of America stock traded up $0.52 during trading hours on Friday, hitting $39.77. The stock had a trading volume of 50,584,278 shares, compared to its average volume of 38,957,273. The business’s 50 day simple moving average is $38.91 and its 200-day simple moving average is $36.06. 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 stock has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.49 and a beta of 1.36. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34.

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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 earnings per share. On average, equities analysts predict that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s payout ratio is currently 33.22%.

Bank of America 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.